nostr:npub1mh5a6mhm4u78glqxhltq7uexv6kddphycthlguvn0ux8ch72tc8q6q233h
>petrodollar system did exist for a few years in the 70s
not just the 70s. until recently most transactions for oil were made in dollars. the dollar's status as the world's reserve currency is on the way out. major countries not using dollars to trade oil is a fairly recent development
The fact that they wire USD through the SWIFT system doesn't really matter that much. You can wire EUR or JPY as long as it's exchangeable. What matters is what the recipient holds / invests in.
Countries tend to hold USD because they have USD denominated debts, and every other currency inflates faster than the USD so it just makes sense.
BTC may threaten the USD though, when it gets large enough.
nostr:npub1mh5a6mhm4u78glqxhltq7uexv6kddphycthlguvn0ux8ch72tc8q6q233h
>The fact that they wire USD through the SWIFT system doesn't really matter
it really does matter. not sure what your agenda is, but what it does is create international demand for dollars. people who hold dollars spend them
