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Petrocoin? Kuwaiti firm suggests trading oil in Bitcoins


The dollar, and more importantly the petrodollar is in some serious medium to long term trouble. Right now the dollar is the reserve currency of the world and the only currency with which one can buy or sell oil in in any serious amount. This gives the United States enormous power. We "print" dollars. The world needs dollars to buy its oil. We print more dollars. In a sense one could even argue that oil is the de facto commodity which backs the US dollar.

Many countries don't like this. The EU sought to undermine the petrodollar system. The Russians and the Chinese are also keen on taking the dollar down (without hammering their own economies of course.) In the attached article a firm even floats the idea that Gulf states should buy and sell oil in Bitcoins.

That would make things pretty interesting.

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