Thursday, December 1, 2022

Cryptocurrency: The New Oil and Spice in Middle East

For centuries the Middle East has become renowned for something mysterious and even romantic. Tales of riches or princes, queens and thieves have filled the dreams of children all over the world. But the Middle East may not have had any of these stories if it were not for the trading of spice and oil that have made the nations in the region richer than many on earth.

Trade, and especially the understanding of trade in the Middle East have been the reasons why mineral wealth and spices have become such valuable commodities and perhaps next on the list could be cryptocurrencies.

Oil Controls the World

The prices of oil are monitored closely as are the exchange rates that buy and sell this precious liquid. Monitoring and controlling the price of oil is something that has had to be mastered and is fundamental to the survival of many Middle Eastern states. Oil priced in dollars relies on the strength or weakness of the dollar to maintain its price and be sold and purchased. The region dominates the oil market globally, even impacting the value of the dollars that buy it, but as cyber currency emerges as a tool of trade the Middle East could begin impacting the value of these currencies too.

Cryptocurrency Trading

There has been a rise in people all over the world now trading in, or at least dabbling in cryptocurrency. Growing numbers of people are looking to get in on the rewarding truth about cryptocurrency trading as stats from people searching for the best crypto bots on will prove. This trend has made cryptocurrency become more prevalent as a strong trading currency that could outstrip the value and even dominance of the Green Back in time to come. Cryptocurrency trading on a grand scale could become big business for oil-producing states as purchases of the black gold begin to be made in currencies other than conventional foreign money.

The Value of Cryptocurrency

When things like Bitcoin first emerged, they were laughed at and many were skeptical. It is understandable because people and business around the world were and are so used to conventional Dollars, Pounds, Euros, and Yen. However, small cryptocurrencies soon disrupted the way the world started to see money, value, and worth. Yes, cryptocurrencies could take over the world if you believe what some experts are saying. With this in mind and with the dominance of the oil production industry in the Middle East trading in oil is cyber currencies could easily spark the beginning of cyber currency trading domination. The first-ever purchase with a cyber-currency was a pizza and this proved that the strings of ones and zeros had value in the real world. Because of this cryptocurrency can theoretically be used to purchase anything, including oil and spice. If these currencies became the preferred trade mechanism and with the global oil dominance the Middle East could soon find itself the dominant player in the cyber currency world. This could be a very real possibility.

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