At the time of writing, Bitcoin trades at $40,700 with a 1% profit over the past day and a 3% loss in the past week.<\/p>\n In a recent post<\/a> from BitMEX Co-Founder Arthur Hayes, there is a prediction for Bitcoin for the coming years, and a declaration with potential implications for the whole world: the financial system supported by oil and dollars came to an end.<\/p>\n Otherwise known as \u201cPetrodollars\u201d, the term describes the way our current financial ecosystem is supported by the exchange of the U.S. dollar for this commodity, the world\u2019s main source of energy. Big oil producers accept this currency, almost exclusively, for their products.<\/p>\n This gives the U.S. dollar a prime position in the financial system, contributing to its global reserve currency status. The Society for Worldwide Interbank Financial Telecommunications (SWIFT)<\/a> is another major component of that system. For some, Bitcoin is a direct competitor and a threat to this status quo.<\/p>\n In his essay, titled \u201cEnergy Cancelled\u201d, Hayes claims the Petrodollar system came to an end. The invasion of Ukraine by the Russian army led to the imposition of sanctions from the international community to the Vladimir Putin-led country.<\/p>\n Russian banks and a portion of the country\u2019s fiat currency reserve were seized by the U.S. and European Union (EU). The weaponization of the U.S. dollars has led Russia and China, contesting the role of this currency on the global scene, to find alternatives and possibly push for a new financial system.<\/p>\n 8\/12 Now add in the news that Saudi Arabia is considering accepting #Yuan<\/a> instead of Dollars for Chinese oil and you have an accelerator for more economic problems and market uncertainty. https:\/\/t.co\/5by5PkH8Vf<\/a><\/p>\n — Material Indicators (@MI_Algos) March 16, 2022<\/a><\/p><\/blockquote>\n![\"Bitcoin](\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/03\/Bitcoin-BTC-BTCUSD-15.png?resize=860%2C386\")
As Gold Rises, So Will Bitcoin\u2026<\/h2>\n
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