Not sure how true this is…but it could be the first step for KSA and UAE to depeg their currencies from dollar.

If anyone wasn’t aware, both Saudi Riyaals and Emirati Dirhams are attached to the USD. But what does that mean?

It means that they have a reserve of capital that they use to buy up dollars if their currency value goes up or sell dollars if their currency goes down, meaning it is artificially kept in a tight range. A lot of countries try to do this, and many fail catastrophically which leads to massive jumps (mostly down) in value.

I’ve attached a chart of Saudi riyaal to dollar, and showing how the range is kept tight, and an example of Egyptian pound when they lose the peg.

The point here is, if KSA and UAE join the BRICS, it most likely would purely be for trade purposes initially, but at some point the nations currency may move to this new currency. This would mean more independence from USA.

I do feel the Middle East is attempting to increase its influence significantly in the next decade, and the idea of being the ‘new Europe’ may not be that far fetched. And the timing couldn’t be better, as Europe itself is in decline.

Only time will tell.

But for a Bitcoiner, this is also an opportunity… there is no doubt or question that the Middle East is far more safer to live in than any western nation, and for a Bitcoiner, safety is important. If you’re carrying around with you your seed phrase, you might want a place to live where your home, or wherever you save your seed is actually safe. Pretty much no violent crime etc. But also, competition in this space is less as the industry is more fresh and new there as opposed to being saturated in some areas in the west (not that there’s still no room for growth in the west, there is). And UAE is trying to position itself as being a ‘crypto hub’ for the region, which leads me to believe that KSA will, at some point, try to compete with that also at some point. Oman just recently opened another mining facility using liquid cooling (attached) and also Abu Dhabee also is launching a massive mining farm (cheap electricity).