Post
Topic
Board Trading Discussion
Re: Opinion: Oilprice drop -> Bitcoin up?
by
South Park
on 22/04/2020, 17:15:04 UTC
What implications could the oil price drop on the mid-term bitcoin price have?

Do you think it is more likely that investors will switch to Bitcoin, or do you think it could be that the money is flowing out of the crypto world due to the uncertainty in the markets? Could it possibly have no effect at all on the Bitcoin course?
If anything these crazy low prices for oil should be a sign for countries with no oil to buy all the oil they can store before the prices go up, now it seems the lack of room to store more oil and the refusal to take physical delivery at the end of the month of May was the reason for the fall of oil to negative values, however we know one thing and that is that once things begin to go back to normal we are going to need that oil, so now it could be a good time for those countries to build even more facilities to store it and buy cheap oil, however many private companies will probably go under reducing the production of oil even further and helping to stabilize its price.