MARKETS DAILY: Featured Story | The Petrodollar and Its Discontents Point to Bitcoin's Role in the Financial Future
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 11 June 2023
⏱️ 22 minutes
🧾️ Download transcript
Summary
Recent moves by Saudi Arabia, Russia and China have raised fears that the U.S. dollar could lose its preferred status for oil trading. And yet alternative national currencies aren’t that appealing. Could a Bitcoin-like currency do better?
Featured Story: An opinion piece by David Z. Morris, titled: “The Petrodollar and Its Discontents Point to Bitcoin's Role in the Financial Future”
This episode was hosted by Adam B. Levine. “Markets Daily” is executive produced by Jared Schwartz and produced and edited by Eleanor Pahl. All original music by Doc Blust and Colin Mealey.
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Transcript
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| 0:59.8 | It's Sunday, June 11, 20 20203, and this is Markets Daily from CoinDesk. |
| 1:01.7 | I'm Adam B. Levine, here again with your weekend story. |
| 1:07.1 | On today, show we're digging into one historical perspective on the dollar, its place in the world, and Bitcoin. |
| 1:11.7 | And just a reminder, CoinDisc is a new source and does not provide investment advice. |
| 1:22.0 | Today's featured story is an opinion piece from David Z. Morris, CoinDisc's chief insights columnist. Our piece today is entitled The Petro Dollar and its Discontents point to Bitcoin's role in the financial |
| 1:28.6 | future. Over the past several years, and with accelerating frequency in the past six months, |
| 1:34.6 | oil-producing nations like Russia and Saudi Arabia have signaled their intent to break with |
| 1:38.8 | the so-called Petro-dollar system. The Petro-dollar system, which emerged starting in roughly |
| 1:43.6 | 1973, is the nearly uniform |
| 1:46.0 | use of U.S. dollars to denominate and often settle worldwide oil trades. Though it's sometimes |
| 1:52.0 | mistaken for formal rules-based system, the petra dollar is best understood as one aspect of the |
| 1:57.0 | broader role of the dollar as a global reserve currency, and the resulting exorbitant |
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