Uncovering The Hidden Costs Of The Petrodollar
The world’s reserve currency relies on oil, dictators, inequality and the military-industrial complex. But a Bitcoin standard could change this.In its growth from conceptual white paper to trillion-dollar asset, Bitcoin has attracted an enormous amount of criticism. Detractors focus on its perceived negative externalities: energy consumption, carbon footprint, lack of centralized control and inability to be regulated. Regardless of the validity of these arguments, few critics stop to think comparatively about the negative externalities of the world’s current financial system of dollar....
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Could bitcoin bring world peace by disrupting the current economic order, but while also reviving the U.S. economy? To answer, we must look at oil and the existing “petrodollar monopoly”. According to one study, “capitalism is an economic structure; war is a political act”. It shows how retaining the petrodollar monopoly serves the Federal Reserve’s....
Last year, in June 2014, Kuwait Financial Center better known as Markaz released a report on bitcoin. The report titled - Disruptive Technology: Bitcoins, Currency Reinvented suggested the use of bitcoin as a mode of payment for petroleum trade. This report caused a lot of debate among economists and the bitcoin community. Even though Markaz's proposal sounds attractive, it is not a feasible option at the moment. There are number of factors that will hinder the adoption of bitcoin as a payment mode/mechanism for international trade. Creating petrobitcoin by removing petrodollar from the....