Note from the CEO: All roads are beginning to lead to the city of bitcoin. So many needs, and a solution that just needs acceptance and velocity. Many MANY discussions on an alternative reserve currency are on the back burner but starting with the oil market could be brilliant. And timely as the article points out. Will it be a success? I would bet a bitcoin or two on yes. Can you say “Petrobitcoin”?
“Every country needs US dollars if it wants to buy crude oil. This may soon change as a market selling crude oil for Bitcoin has emerged.
The term ‘petrodollar’ has been thrown around since the 1970s. Dollars for oil have been the principal source of earning for many oil producing nations in the Middle East, as well as in other parts of the world.
However lately the petrodollar has been under a considerable amount of strain. Many have predicted its imminent demise based on a multitude of reasons such as Iran wanting to be paid in Euros for its oil sales, and the Russian President Vladimir Putin trying to get his country to move away from pricing its oil in the US currency.”