There has been speculation for months about whether bitcoins might be accepted as legal tender by a major developed nation, whether the Chinese will accept them, or whether big web retailers will take then instead of conventional currencies. But the big breakthrough for digital money is more likely to come from the oil cartel, OPEC.
For decades, oil has been priced in dollars but key member states such as Iran, Algeria or Angola are not particularly friendly to the United States, even if they are not quite as hostile as they once were. They have been making noises about switching the price of oil out of the American currency for years, but have never quite managed to agree on alternative.
The euro was a runner for a while, until it started to implode. But what about bitcoins? It is a global currency, with no central bank trashing its value, and it might well prove a better store of value for countries that know their oil won’t last forever. If any single move establishes bitcoin as a serious monetary rival to the dollar, that will be it — and there will be more than a few wry smiles in Tehran over that.
PS If any of you devs pick this up keep me in mind
