Bitcoin and the risk to becoming the "oil currency"

[Italian Panic]

At least over the past year, I have heard people say very often that Bitcoin could be the currency that allows for global oil trading instead of the dollar and eventually, the alternative currencies that the BRICS countries are developing.

But is it really a good idea? Look at what has happened over the past 30 years whenever someone has considered an alternative to the dollar in the oil and gas sector.

Iraq (2003): In 2000 Saddam Hussein proposed selling oil in euro, causing the euro to appreciate against the dollar. In 2003, the USA invaded Iraq under the pretext of weapons of mass destruction that were never found. The Saddam Hussein regime’s euro account was converted back into dollars before the new government took office.

Libya (2011): Gheddafi proposed halting global oil purchases in dollars and switching to an African currency pegged to gold. At thisp oint, the United States, with France complicity, bombed Libya, kill Gheddafi, and the proposal for the gold dinar was scrapped.

Iran (2026): A proposal is made to sell oil in chinese yuan and indian rupes; then under the pretext of Iran’s nuclear program, the USA bombs Iranian infrastructure and blocks the Strait of Hormuz, so who is without raw materials (like europe) will have to buy them from the USA causing the dollar to strengthen again.

So, is it a good idea to propose Bitcoin as an alternative to the dollar for oil? Of course, Bitcoin has no state or central bank, but it could be subject to severe attacks.

What if the attacks we have been seeing on hardware wallets in recent months were something much more serious and actually linked to this bizarre new narrative? In effect, it could be the only way for the USA to attack Bitcoin.

Guys, what do you think?

[_act_]

All I think about the attacks recently is about bad people are now able to easily see vulnerabilities in things related to cryptocurrencies and not only bitcoin, although those of altcoins are most frequent even before AI become something like this.

Bitcoin is an alternative to fiat. It is not competing. They even kind of serve different purposes in many aspects.

Bitcoin has not been seen as a replacement of the United States dollar. It is not a threat.

[stompix]

Look at what has happened over the past 30 years whenever someone has considered an alternative to the dollar in the oil and gas sector.
Guys, what do you think?

That you should really try a new model, like pitching oil for tinfoil as an exchange, seems like the whole industry is booming right now, if only I knew how to make hats out o I would be richer than Satoshi!

Have you considered why, well, Russia hasn't tried selling oil for rubles?
Or why China is still dealing in $ for most of it?

All those dictators tried to pich this nonsense model just because they were bankrupt!

Iraq never recovered its oil production; Libya was already losing 20% of its production and oil prices were down the drain after the 2008 crisis.
Their whole idea was about blaming someone else for the falling revenue: the reptilians, the jews, the Illuminati, the CIA, the muhaverks, the wotufus, the gozzbinis etc.

As for Iran, for God's sake, they were selling oil only to China even before this war, what stopped them from dealing in yuan?
Oh, reality stopped them because every single failed country needs $!

What if the attacks we have been seeing on hardware wallets in recent months were something much more serious and actually linked to this bizarre new narrative? In effect, it could be the only way for the USA to attack Bitcoin.

Meds, now!

[viljy]

For the dollar system to exist and for debt to grow, this debt must be backed by some kind of promise of future profit. That’s what the petrodollar is for. If oil starts being sold for another currency, the debts will become a major problem for the US.

If you’d like, read L. Krutakov’s book "Oil and the World", although I don’t know whether it has been translated into English (though nowadays translating a book using AI isn’t difficult). The book is completely new; it seems that the second part is still only being prepared for publication. The first part has already been published. So, in the situation with wallets, Bitcoin has nothing to do with oil and the dollar. And the attack on wallets is simply an attempt to steal bitcoins from people.

[Fiatless]

Have you considered why, well, Russia hasn't tried selling oil for rubles?
Or why China is still dealing in $ for most of it?

It's because the world is highly dollarized. So they need the dollar to trade with other countries. If the world has an alternative to the USD, China and Russia will have options.

All those dictators tried to pich this nonsense model just because they were bankrupt!

Iraq never recovered its oil production; Libya was already losing 20% of its production and oil prices were down the drain after the 2008 crisis.
Their whole idea was about blaming someone else for the falling revenue: the reptilians, the jews, the Illuminati, the CIA, the muhaverks, the wotufus, the gozzbinis etc.

The US would have left them and not attacked them. Weapons of mass destruction were never discovered in Iraq, and Libya was not a threat to any nation. Are those countries now better after the invasion and destruction? All of them were in better condition before the invasion. Libya is now a slave market.

[Italian Panic]

You and others are obsessed with aluminium foil hats because you keep bringing them up to downplay what users write.

I hate hats, let alone tinfoil ones, they must be really uncomfortable.

The fact remains that the original idea of creating a gold backed currency for continental energy trade in Africa dates back to the 80s, and in the early 90s a model was proposed but quickly scrapped, until Libya stepped in to propose doing it by making its gold reserves available.

I will tell you more: it actually aimed to replace the dollar and the CFA franc, over which France still has control, and, as it happens, those were the two countries keen to bomb the country.

In Iraq, the desire to liberate the country from a dictator ultimately resulted in a nation plunged into all out gang warfare, in which even ISIS ruled for three years a splendid outcome, I would say.

By now, even the blind can see the USA determination to bring down anyone who opposes its hegemony. Trump deserves credit for having done so in broad daylight.

[gracreavix]

Exactly 💯. America has always find a way to attack regions under the pretence of them disturbing Americans interest. The only country that actually saw the future was North Korea. Those guys saw what the USA was actually doing and the only way to stay sovereign was to build a nuclear weapon. Seems that is only what the USA respects.

We all gree up to hail America has the saviour of the world. But when we began learning history, we found out that they are actually the enemy of the world. Creating territorist groups just to tumble governments of other countries. That's so sad. I really want the world to unite and stop the abusing of countries by USA.

[Filicius]

I also detest when the argument of the aluminium foil hats is lightly argued, almost like when the adjective Nazi is used without coming to the point, but perhaps at this point you have gone too far:

What if the attacks we have been seeing on hardware wallets in recent months were something much more serious and actually linked to this bizarre new narrative? In effect, it could be the only way for the USA to attack Bitcoin.

Keep in mind that the USA Bitcoin's strategic reserve is one of the largest concentrations of Bitcoin in the world. In the cases you mentioned, they were competing between their currency and another foreign currency, but in the case the reserve grows to a critical point, Bitcoin would not act as a foreign currency, but as a kind of ancillary national currency.

[Emjay24]

What if the attacks we have been seeing on hardware wallets in recent months were something much more serious and actually linked to this bizarre new narrative? In effect, it could be the only way for the USA to attack Bitcoin.

I'm not ruling out the possibility that one or more government aside North Korean sponsored Lazarus group is behind the recent hacks, there is always an entity to use as coverup and perform shady things and this time around, AI is taking the blame for what organized groups possibly backed by some governments are doing intentionally. What we'll hear in few years time is that the stolen coins have been tracked and seized by the authorities and crime proceeds retained.

All those dictators tried to pich this nonsense model just because they were bankrupt!

NO! you lie
let's take the case of Libya for example, they were producing oil and developing their economy and country rapidly before the US found claims to invade it.

Before Libya was invaded, it was the fastest growing economy in Africa. Education was free. Health care was free.15 years after USA led NATO intervention, Libya is now a war-zone,  an open air slave camp. The USA has never restored democracy anywhere in the world.

https://www.facebook.com/groups/ProfessorLumumba/posts/4303217806477316/
Spot the difference. The US can do any negative thing to a country to ensure it exist within its control.

As for Iran, for God's sake, they were selling oil only to China even before this war, what stopped them from dealing in yuan?
Oh, reality stopped them because every single failed country needs $!

This is a lie, the US is afraid of DE dollarization and that's why they maintain political or military pressure on any country they see as a threat to the dollar and/or its allies in a bid to strengthen the dollar. They should not have invaded these countries with claims of what is non-existent, Libya for example was better off before the invasion of US and France

[Opiate32]

I don’t think theres any need for bitcoin to replace the dollar to have a role in international trade. If it can offer certain buyers and sellers a a settlement option then that alone could be useful. But does the benefit outweigh the volatility, liquidity and regulatory challenges even if it can challenge the dollar politically?

[stompix]

The US would have left them and not attacked them. Weapons of mass destruction were never discovered in Iraq, and Libya was not a threat to any nation. Are those countries now better after the invasion and destruction? All of them were in better condition before the invasion. Libya is now a slave market.

Oh yeah, poor Libya, not a threat to anyone, just bombing and killing random civilians.

https://en.wikipedia.org/wiki/United_Nations_Security_Council_Resolution_1973
None voted against


So why didn't China and Russia veto the intervention? Oh wait...
Why did Gaddafi announce that Libya would stop developing a nuclear program and destroy all its biological weapons if he had none?

As for Saddam, let's ask the Kurdish people what killed them in the thousands; probably generosity and gratitude, I hear those are deadly.

You and others are obsessed with aluminium foil hats because you keep bringing them up to downplay what users write.

I downplay every dumb conspiracy thing.
You know who you forgot about making a global curency to bypass the dollar?

Oh, let's start:
Ceausescu: Romania when needing to pay the debt in 1984.
Kadar Hungary when he realized that the transfer with the rubles is really bad for his own economy
Husak in Czechoslovakia also wanted a different trading system, a new currency withing Comecon

But I guess since those wanted to break away from the ruble, they don't count, right?  

The fact remains that the original idea of creating a gold backed currency for continental energy trade in Africa dates back to the 80s, and in the early 90s a model was proposed but quickly scrapped, until Libya stepped in to propose doing it by making its gold reserves available.

Worth 6.5 billion dollars.  
Libya's oil exports were $47.2 billion.
Does the math sound right in your head?

By now, even the blind can see the USA determination to bring down anyone who opposes its hegemony.

Weird that you don't mention Japan, weird that you don't mention Vietnam that is seeking cooperation with the US!
https://news.usni.org/2026/07/30/uss-george-washington-arrives-in-da-nang-first-carrier-visit-to-vietnam-since-2023
Weird that US intervention worked in Asia, worked in Europe after ww2 ...they seemingly failed with a certain population...might be a stretch, but isn't the same population that is burning stores and looting everything in Milano right now?

This is a lie, the US is afraid of DE dollarization

When you're done foaming at the mouth, ask your campaign manager to pay you in naira-denominated sums.
To help with the de-dollarization!  
Oh wait...you won't, cause you love $, like eveyone here when it coems to their own pockets!

Oh and btw

https://www.facebook.com/groups/ProfessorLumumba/posts/4303217806477316/
Spot the difference. The US can do any negative thing to a country to ensure it exist within its control

STICK YOUR FUCKING PROPAGANDA WHERE IT BELONGS!

This is an actual real time picture of Libya now far better than the one in with you claimed the greatness of Scumddafi:

[348Judah]

The US would have left them and not attacked them. Weapons of mass destruction were never discovered in Iraq, and Libya was not a threat to any nation. Are those countries now better after the invasion and destruction? All of them were in better condition before the invasion. Libya is now a slave market.

Let's be guided by some kind of leaders that will try to portray the image of being a visionary leader to the world by what they are doing, when we don't actually know what is being transpired underneath, politics is not a game that we have to follow just by what we hear from the media, but there are so many other abnormalities ongoing that the public are not aware of and are not being captured by the media, do you also know so many discoveries that the entire world got to know after Gaddafi was murdered? Forget about what the ordinary citizens are chanting about him, what is the real estate from a government in power, but other deals they do behind the curtain are more worse than what we see them doing in the public.

[Dr.Bitcoin_Strange]

What if the attacks we have been seeing on hardware wallets in recent months were something much more serious and actually linked to this bizarre new narrative? In effect, it could be the only way for the USA to attack Bitcoin.

What!? You need to raise some valid points that is beyond just theory but can be verifiable before you can draw a conclusion or even make an assumption like this. Even if a proposal for Bitcoin to be used as means of exchange in oils trades would be made, have you consider a proposal for other Fiat currency first which would not be possible, let alone Bitcoin? The attacks on Bitcoin hardware wallets has nothing to do with the US wanting dollar to remain dominant as means of exchange in oil trade.

[Alpha Marine]

Bitcoin is not close to being the global currency for the oil and gas sector.
I have never believed that Bitcoin would be the currency for that sector, nor have I ever believed that it would be a global currency. The reason for this is that it does not belong to anybody.
I don't believe the cause of these invasions is simply because of currencies. When you put it like that, you oversimplify things, but let's assume it was. Someone benefits from the currency change.
Gaddafi benefits from his African currency; Iran and China benefit from using the yuan as the oil and gas currency.
Nobody would want to change to a currency where they won't benefit their economy or government. A currency where the country is totally out of their hands is not something
And yeah, people who stand to lose the most won't let Bitcoin become the currency for the oil and gas sector.

[M47AK16]

Have you considered why, well, Russia hasn't tried selling oil for rubles?
Or why China is still dealing in $ for most of it?

It's because the world is highly dollarized. So they need the dollar to trade with other countries. If the world has an alternative to the USD, China and Russia will have options.

Basically, it is about the standardised currency that everyone uses. You do not have to be American to use dollars; you could be a Japanese person dealing with some Dutch person, and you could still use dollars, because the dollar is the alternative to your currency, everyone does that. Online, for example, even we do it.

Even when we do get paid in bitcoin, go look at signature campaigns and you will see that the deal is not in bitcoin, nor in euro, or rubble, or whatever else, you will see it will say things like "weekly 75 dollars", so they will pay you in bitcoin whatever 75 dollars worth of bitcoin is. That is why the dollar is the main currency everywhere. What other currency is not beholden to nations and global? Bitcoin.

[BlackHatCoiner]

It's plausible, because the US empire is slowly collapsing, and the foreign countries need another currency to make trades in, as the US dollar becomes the equivalent of toilet paper in total supply.

The realistic risk isn't the US attacking Bitcoin. It's the US attacking everything around it: exchanges, KYC on-ramps, stablecoin issuers. They already do that, no oil conspiracy needed.

[Roggeredek]

It is difficult to say for certain whether Bitcoin will eventually become a currency for oil transactions. One reason why the United States might not take action against Bitcoin is that many prominent American business figures have invested in it. In fact, several large American companies may have quietly invested in Bitcoin, a fact they keep under wraps due to safety concerns, internal policies, or other strategic reasons. The idea of ​​using Bitcoin to purchase oil strikes me as a positive development.

[pooya87]

At least over the past year, I have heard people say very often that Bitcoin could be the currency that allows for global oil trading instead of the dollar and eventually, the alternative currencies that the BRICS countries are developing.

That has always been wishful thinking not a realistic thing. There are a couple of reasons for it:
1. Volatility.
We are talking about huge trades sometimes costing billions and in case of oil supertankers it is hundreds of millions of dollars per ship. So imagine if price changes (up or down) 10% which is a very common percentage, that translates into $30 million in a $300 million cargo (2 million barrels at current price of approximately $160/barrel).

2. Market size and manipulation.
Bitcoin market is still small and that makes it easier to manipulate its price and it can be abused in bigger trades for big profit (like the $30 million I mentioned above).

3. Bitcoin is more like money than currency.
If they decide to adopt bitcoin, they'll do it as an addition to their gold stash. Something to be kept in the "vaults" to back their fiat and their economy. Specially since if they adopt it, the price would shoot up and make the issue #1 worse.

But is it really a good idea? Look at what has happened over the past 30 years whenever someone has considered an alternative to the dollar in the oil and gas sector.

That's the situation in the Old World Disorder and not the case in the new World Order.
Various countries have been dumping the dollar over the past years in a move that is known as "dedollarisation" and it is only speeding up. The Petrodollar has taken the biggest hits as well specially this year since after the US regime attacked Iran, the Iranians retaliated by first destroying majority of US military installations in West Asia and second dealing heavy damage to the "Big Oil" installations across West Asia.

As we speak the Yemenis are destroying the backbone of Petrodollar by targeting the Saudi usurpers' energy infrastructure on a daily basis. Soon not much will be left of the Petrodollar specially if these family dictatorships that rule over the Arab energy resources and steal them, start being overthrown by their people.
If and when it happens, then Petrodollar would not exist any longer to be an issue and it will automatically be replaced by other currencies. I personally believe there won't be a single currency. The world will go back to normal and countries will use their own currencies or at least use a handful of options instead of being forced at gunpoint to use only one.

[Italian Panic]

It's plausible, because the US empire is slowly collapsing, and the foreign countries need another currency to make trades in, as the US dollar becomes the equivalent of toilet paper in total supply.

The realistic risk isn't the US attacking Bitcoin. It's the US attacking everything around it: exchanges, KYC on-ramps, stablecoin issuers. They already do that, no oil conspiracy needed.

Hi BHC, it’s not a conspiracy idea use Bitcoin as a medium of exchange for oil.
As I wrote in my first post, Iran used Bitcoin to collect a one dollar tariff on every barrel passing through the Hormuz, paid in Bitcoin.

My point was to discuss the potential risks involved if Bitcoin were to become an alternative currency for trading oil.

Ironically, anyone who opposes dollarization gets swept aside one way or another.

As you can see, some people call me a conspiracy theorist (which I absolutely am not), while others engage in a constructive discussion.

I agree with you that they could attack everything related to Bitcoin; in fact, I raised the possibility that what we are seeing right now with HD wallets might not be solely the work of North Koreans, the surface of attacks is more easily.

[pooya87]

As I wrote in my first post, Iran used Bitcoin to collect a one dollar tariff on every barrel passing through the Hormuz, paid in Bitcoin.

As far as I can tell that was a scam run by the US regime to extort some cryptocurrencies from ships!

If you check the source of this rumor, you can find it only in the US mouthpieces such as WSJ (everywhere else are referring to those). I personally didn't find any official statement from Iran that indicates Iran (eg. the Persian Gulf Strait Authority or http://www.pgsa.ir/) receives the toll in cryptocurrencies (there were suggestions from individuals but never turned into regulations).

I also found a warning issued by Iran's Financial Intelligence Unit (FIU) about this scam from about 6 months ago saying that some entities impersonating Iranian authorities are contacting vessels and are demanding payments in cryptocurrencies! This was released roughly 10 days after the rumor started in the Western mouthpieces.

The actual bills the legislative body (majles meaning parliament) passed also clearly indicate that the priority to receive the toll payments is in Iran's national currency. For example in the bill called طرح اقدام راهبردی تامین امنیت و پیشرفت پایدار تنگه هرمز و خلیج فارس (means Strategic Action Plan for Ensuring Security and Sustainable Progress in the Strait of Hormuz and the Persian Gulf) https://rc.majlis.ir/fa/legal_draft/show/1860568 (page 4 article 3).
Another bill called طرح جبران هزینه های خدمات در تنگه هرمز (Plans of Payment of Cost of Services in Strait of Hormuz) sets the rate at 3 euros per ton for cargo ships and 2 euros for fuel tankers https://rc.majlis.ir/fa/legal_draft/show/1860822 (page 4 article 1). In other words it is not per barrel and it is not $1.