Tag: Bitcoin

Saudi Arabia and U.S. Mum as 50-Year Petro-Dollar Agreement Expires

South Carolina Sun Staff
Joe Biden and MBS Petro Dollar

On Sunday, with no official statement from either side, Saudi Arabia apparently allowed a deal with the U.S. to expire that could have dire financial ramifications.

The Kingdom reportedly did not renew its 50-year petro-dollar agreement with the United States when it expired on June 9, meaning Saudi Arabia can now sell its oil in other currencies, including the Chinese renminbi (RMB), Euros, Yen, and Yuan, instead of exclusively in U.S. dollars. According to reports, the use of digital currencies like Bitcoin is also being considered.

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Bukele Generates More than $30 Million in Profits for El Salvador with Bitcoin

South Carolina Sun Staff
Nayib Bukele

El Salvador has accumulated more than $30 million in profits by retaining bitcoin reserves, after becoming the first country in Latin America to adopt this digital currency in an initiative led by President Nayib Bukele since 2021.

Bitcoin , the most used cryptocurrency , soared this Wednesday, reaching November 2021 levels and exceeding $60,000 , after surpassing $57,100 the day before, which has generated profits for the Central American country.

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