USA lose oil but will replace with btc and crypto

[Waldorf77]

Arabs emirates moving away from usd.
Well USA don't care Because they have btc and crypto.
And USA got their own crude oil too.
So USA now will make the petro dollar to crypto dollar we see that USA will be main seller of crypto you need crypto you buy it from USA it Will be bigger than oil

[Akbarkoe]

Referring to what has been on my mind about the Petro dollar that the US uses from Oil obtained from Arab countries, and I thought that maybe one day the Arabs would no longer cooperate with the US, there were some tensions and there were diplomatic relations that were not good some time ago, I thought maybe the dollar would no longer get value because they commoditized it as an underlaying, how could the US defend themselves? I'm thinking on crypto which is crowded and we know not a few of the Americans are advancing in the crypto field as the best economic growth, and some big people there who say Bitcoin Scam and others related to it are said to be scams instead turn to support bitcoin and crypto, this seems to have been prepared if you look from here.
Or maybe the US realize that they will not last long with how the petro dollar works they have to replace it with something new and become the world's attention, therefore the Trump campaign supports the bitcoin community?

[electronicash]

Arabs emirates moving away from usd.
Well USA don't care Because they have btc and crypto.
And USA got their own crude oil too.
So USA now will make the petro dollar to crypto dollar we see that USA will be main seller of crypto you need crypto you buy it from USA it Will be bigger than oil

nice you really are seeing things that are coming in the future. don't know what to say, TH you on? i'd like some of that.

it has to be a product. crypto is not a product that will be useful to anyone as every country has its currency, why would other countries buy crypto?
petro is necessary for energy, it's still what we use for our engines. to dominate, the country has to have control over crypto or BTC to enforce PetroBTC or PetroCrypto.

[mindrust]

I am not sure if it will be good for the USD because oil is an energy source while btc is a payment system. Btc is definitely a revolution but let’s don’t make it bigger than it is. To me, oil is a far superior asset compared to btc. The whole world needs oil for transportation but we can’t say the whole world needs bitcoin.


The Arabs see the dollar is getting weakened and they want to move away from it, that’s a natural reaction. The other countries should follow the same course.

[WillyAp]

Unfortunately he the opener does not provide sources.

I don't believe it and moreso the Saudis are not the only source of oil.
Venezuela is much closer by, has an election coming up plus should the Iran-Israeli-middle east mess blows up the US is not unknown for taking in need what they need. Guyana oild field is also quite big but too far into the future.

The Saudis need those $ to buy weapons, medicine and what else they don't produce, Dom Perignon?  

[Iranus]

Oil is also known as black gold and it is even more important than gold or any other resource in the world so I don't believe America will stop paying attention to it. As mindrust said, the demand for oil is huge, it can be said that the whole world needs it, while many people today still do not need to know bitcoin but can still be rich and have a normal life.

Think about what the world would be like without oil, while the world would be fine if bitcoin disappeared. This is a lame comparison because the roles of oil and bitcoin in our world are completely different.

[kryptqnick]

The US does have its own oil reserves and production. But it also has a long-term relationship with Saudi Arabia going decades into the past. The US needs some partnerships not so much for their economy but for political influence. Still, there is no need and no indication that the US will widely adopt Bitcoin and make it a proper part of their national economy.

[jaberwock]

I am not sure if it will be good for the USD because oil is an energy source while btc is a payment system.

USD? Or you mean to say USA? But, both BTC and Oil are two different things. We can still live peacefully even without a BTC because there are still other payment methods out there but not without Oil because it is an essential part of our lives. It is said that Arab Emirates is the one who is moving away and it's also said that USA still has their own source of Oil. I believe other countries has their own Oil too in which US can partner with, so I don't really see this as a big issue.

The Arabs see the dollar is getting weakened and they don’t to move away from it, that’s a natural reaction. The other countries should follow the same course.

It seems you also hate US, eh? IDK what they did but I think we can also benefit with them or on their own currency. Like for example me, I can convert foreign currencies like crypto at a much higher rate when the dollar is also in a high rate. But ATM, I don't see or think that the dollar is getting weaker. Maybe some only thinks or wish it was.

[BABY SHOES]

The United States has a lot of BTC? Do you know the country has a lot of BTC because some of the confiscations they've done means it's not like the US will fully support it, it's not sure a country converting currency to BTC or the crypto you're referring to.

Remember the US Dollar is still very strong and is spread all over the world it will not collapse.
Not sure crypto will be more than oil as you assume, still the source of income is from oil this will not change anything to crypto.

[avikz]

Arabs emirates moving away from usd.
Well USA don't care Because they have btc and crypto.
And USA got their own crude oil too.
So USA now will make the petro dollar to crypto dollar we see that USA will be main seller of crypto you need crypto you buy it from USA it Will be bigger than oil

I don't see it happening! US has always kept a multifaceted approach when it comes to their finances and economy in general. While the dollar is usually referred as Petro dollar, US has always kept other options open! So I don't see US adopting cryptocurrency to back their currency system, ever! It's like an open secret but a major chunk of their revenue comes from military equipment. In 2023 alone, US made a little over $238 billion by exporting military equipment. So they have got their backup.

US will never indulge into something which they can't fully control. So I don't see crypto becoming a reserve for US dollar, ever!

[kentrolla]

I got the concept of how crypto can help USA but we cannot compare between oil and crypto and crypto cannot replace and act as an alternative to crypto and if this happens then USA will be the one without a basic resource. I mean how long can USA bank in their crude oil? I don't think Arab nations will move away from USA as they are puppets and it's mutually beneficial for both of them to be on same page.

[Cookdata]

Arabs emirates moving away from usd.
Well USA don't care Because they have btc and crypto.
And USA got their own crude oil too.
So USA now will make the petro dollar to crypto dollar we see that USA will be main seller of crypto you need crypto you buy it from USA it Will be bigger than oil

They do care and will be pained in the ass. Demand for a currency gives it value, even the US can't deny that, they need the relationship to be stringer so as they trade, their is a mutual benefit they gain between the two party and let me tell you again that US doesn't have BTC, at least not public and doesn't have crypto, you clearly see how it being fought over and over just because they don't like it and their decisions many times has made the market blee.

The idea of petro dollar is just might that will be difficult to create, look at the CBDC that has cause a lot of controversies, the Trump said if he wins the election, he is going to closed down CBDC  as he see that as a waste of tax payer money. They don't want anything that compete with their dollar so, kill that idea and think about something to spend your time.

[Franctoshi]

Arabs emirates moving away from usd.
Well USA don't care Because they have btc and crypto.
And USA got their own crude oil too.
So USA now will make the petro dollar to crypto dollar we see that USA will be main seller of crypto you need crypto you buy it from USA it Will be bigger than oil

This doesn't mean this move will end the US petro dollar for their crude oil settlement, or they will totally do away with their trades with the United States, as this will hurt their economy and security if they do so because they've been purchasing military equipments from the United States for the past decades, but it means they're trying to use what they called m bridge for a potential alternative to the swift payment system thereby modernizing their means of payment.

As China is the biggest oil importer in the world, now here's the deal, Saudi Arabia wants to increase their international sales and strengthen ties with China and as well as leveraging on the existing relationship with the United States thereby becoming a key global player here, I think Saudi Arabia is trying to balance its relationship with both parties without hugely depending on their trades with the United States (the US dollars).

[d5000]

USA will be main seller of crypto

Are you really sure about that?

The US has approximately:

- 28% of all Bitcoin nodes according to https://bitnodes.io/nodes/all/ (#1 before Germany, but the EU as a whole has more nodes)
- 10%, or 55 millons, of crypto users, according to https://triple-a.io/cryptocurrency-ownership-data/ (#3 after India with 90 million and China with 60 milion. It's interesting that as a percentage of the population, the UAE has the highest ownership ratio at 25%, while the US has about 15.5%)
- 37% of mining operations as of 2024 (according to https://worldpopulationreview.com/country-rankings/bitcoin-mining-by-country). This looks quite high, but take into account that it is a recent phenomenon, and historically China was dominant - in the "Chinese-dominated" mining period the majority of all Bitcoins were mined, while post-2021 it's only a little fraction.

So of course it's a strong crypto region in most indicators. But its importance is quite consistent with its overall economic importance, so the US for example have a share of about 25% of the world's GDP.  There are some fields in the crypto industry where the US is not leading, mainly exchanges (Binance is located in the Cayman Islands, which are part of the UK), and exchanges are some of the biggest crypto holders too.

Yes, the US ETFs, MicroStrategy and US-based mining are definitely accumulating a lot of Bitcoins. But ETFs and other crypto-based financial products are also appearing in other parts of the world, and have even existed before the US ETFs (Jacobi ETF in Guernsey, Hashdex ETFs in Brazil/UK, Canadian ETFs, and now also Australia, Thailand and Hong Kong ETFs) .

[WillyAp]

For the OP as he seems to need more input data  :

Oil production USA about 310 t Barrels a day.

source: https://www.reuters.com/business/energy/eia-forecasts-larger-records-2024-us-oil-output-global-demand-2024-06-11/

While its consumption was about 20.000.000 B/D
United States Oil Consumption was reported at 19,140.000 Barrel/Day th in Dec 2022

source: https://www.ceicdata.com/en/indicator/united-states/oil-consumption

A Reddit post, published on March 26, 2023, which received more than 2,000 upvotes claimed that "The US Government holds 205,515 bitcoins more than 1% of the Circulating supply."

source: https://www.newsweek.com/fact-check-does-us-government-hold-more-200000-bitcoin-1790613

[Darker45]

USA cares because every global trade, every country, that moves away from USD weakens the USD and therefore the US itself. That international trades are beginning to use other currencies matters to them. That countries are slashing their US reserves matters to them.

And while you may attach so much value to Bitcoin, US may not be seeing it that way. Otherwise, they would have already bought so much and even made it a valuable reserve. Let's be realistic.

[iBaba]

nice you really are seeing things that are coming in the future. don't know what to say, TH you on? i'd like some of that.

it has to be a product. crypto is not a product that will be useful to anyone as every country has its currency, why would other countries buy crypto?
petro is necessary for energy, it's still what we use for our engines. to dominate, the country has to have control over crypto or BTC to enforce PetroBTC or PetroCrypto.

Makes sense to me but my question is, if the USA are looking forward to adopting the Crypto And BTC as a product to sell in the market for the world, won't that action alone defeat the aim of Bitcoin serving as a decentralized financial system and won't that bring about the USA's usual efforts to dominate and monopolize to the best, any market they break into? Another thing to ask is that bringing about the BTC and Crypto currencies won't affect the power of the dollar and the longevity? Or does it make more sense to say that, if the USA do not start looking at how to diversify the dollar by stylishly infusing the crypto technology into it, for instance, the dollar and the USA are not going to survive the power they have over the international market like they do in the nearest future?

[fuguebtc]

And while you may attach so much value to Bitcoin, US may not be seeing it that way. Otherwise, they would have already bought so much and even made it a valuable reserve. Let's be realistic.

Other countries, especially the BRICS bloc, are increasingly reducing their dependence on the USD and that process is happening quite quickly. If they can do it with USD then they can do the same with bitcoin if the US holds the majority of bitcoin and wants bitcoin as another solution to manipulate the world. If the US makes this move, they want to rely on an asset they cannot control, which means they are destroying themselves faster.
Clearly, OP is being quite delusional and over-exaggerating about bitcoin, and politicians are not as stupid as we think.

[WillyAp]

USA cares because every global trade, every country, that moves away from USD weakens the USD and therefore the US itself.

Luckily for the US that rule is only good for you.
Do you really believe that they have a watchdog just to see who is dropping out of the 4 Race?
That apart it is SWIFT what makes the system work. That system enables passing judgements on all wires, those wires basically touch US soil. 

[pooya87]

Arabs emirates moving away from usd.

This is not exactly what's happening though.
The Arab dictators (UAE, al-Saud, Qatar, etc.) purchase their security and their survival from US regime. For the past couple of years it has been proven that not only US is incapable of protecting them, but also they are not willing to!

We saw this in the past decade during the US-Arab coalition invasion of Yemen. The day Yemeni forces started bombing the hell out of the invaders infrastructure deep into their territories (in case of US, the US bases in Arab countries) these dictators realized that US military is too weak to protect them.

So they have been moving away like a parasite from one host to another. That another is China.
They are now trying to buy their security and survival (to keep their illegitimate dictatorships) from China.
That is why they have decreased their usage of US dollar.

The only problem is that China is not US. They won't do the same thing for these dictators as US did. For example they won't help them suppress the people who would rise up against their oppression, China may not stay silent next time they chopped another reporter into little pieces like Khashoggi, etc.
This is why you can't say they are truly "moving away". It remains to be seen. At best they've moved away a little. They are still pretty much dependent on US regime to keep their dictatorships alive.

Well USA don't care Because they have btc and crypto.

What do you mean "they have"? You do realize that Bitcoin is decentralized and all the altcoins are centralized elsewhere (in control of some dude in his basement). It is not owned by any government, least of which US.

And USA got their own crude oil too.

And USA is the biggest importer of oil as well.

So USA now will make the petro dollar to crypto dollar we see that USA will be main seller of crypto you need crypto you buy it from USA it Will be bigger than oil

That doesn't work either.
The reason why Petrodollar scam worked was because they could force the world to use dollar when they wanted to trade petroleum. They did that using tools at their disposal such as United Nations, Arab dictators that controlled vast amounts of oil, etc.
They do not have the same control or means to force the world to use dollar when they want to trade bitcoin for example. There are US-based exchanges but they don't dominate the market. For example Coinbase only has 2% of the total  trading volume.