Part 11/17:
The question arises if oil has ever been settled in gold. Alden points out that during the Bretton Woods era, the US dollar was backed directly by gold, implying some oil transactions were indirectly settled in gold through dollar convertibility. Today, some countries, notably Russia, are settling oil trades in euros, rubles, or even holding reserves directly in gold—undermining the dollar system.
She emphasizes that while gold remains a fallback, the current environment—marked by sanctions and de-dollarization—could push some nations toward settling commodities in alternative assets like Bitcoin once it stabilizes further.