Kian Petroleum Company is an international specialized petrochemical company that has important information about the introduction of BTC based oil trading
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
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
Yet among all of these developments perhaps the biggest alarm bell that has been ringing for the petrodollar has been the strained relationship between Saudi Arabia which is the fiefdom of the house of Saud and the United States
A sweetheart deal gone sour
It has been the case for decades that the US and Saudi have had an understanding which involves the US protecting the House of Saud and, in return, the Saudis only pricing their oil in the US dollar
The emergence of the PetroBTC
If through political machinations or economic necessity the US loses its coveted reserve currency tag, then what will replace the US dollar is an open question. One idea worth exploring would be a cryptocurrency like BTC
Cointelegraph had a chance to talk with Shannon Lowery, Sr. Founder of NJUF Investments whose SecureTradePlatform.com is being tagged as Bitcoin’s First Crude Oil Market
BTC based oil trading may be more profitable
As of now SecureTradePlatform.com only caters to the needs of governments and corporates but Shannon says that due to the impending devaluation of the dollar, commodity trading in BTC will become more profitable. This could increase retail investor participation over time
Cointelegraph asked Shannon what was the short and long term view of his trading platform. He says
“The short term focus is to prevent the global chaos which will unfold due to the reserve currency being devalued. The long term focus is to provide stable prices in the global economy so that institutions and governments can properly plan for investments and that a system of fair trade may be had