The oil price is going up and many people expect it will go above 100 USD per barrel,or even 120 USD per barrel.How this will impact the world economy and the cryptocurrency prices?
I have many own theory about this and I will share it later,but know I'm waiting for other opinions.
Is this good or is it bad for bitcoin?
There is no direct connection between the oil price and cryptocurrency price. But if we try to predict the result. i believe that cryptocurrency price will go up. Here are the reasons:
1. Investors will be hesitate to invest on oil when the price is high.
2. When oil price goes up, there is big chance that coal and electricity will go up. Mining cost will rise.