I don't think so, if US dollar is backed by Saudi Arabian oil then why it's current money value isn't the same as Saudi Real? U.S. dollars are backed by the full faith and credit of the U.S. Government, that is what I strongly believe for now.
I agree. the American government won't like that, they certainly don't want to be dependent on other countries, instead they have to be the opposite. especially at this time the American president from a businessman background
I do not think that US dollar is backed by oil. It should be backed by the Gold which is also not the case. I am sure dollar will soon face the crisis in the next economic crisis whereby people will have no option but to invest in digital currencies. At that moment i feel that bitcoin price will sky rocket and there will be no stopping to it.