Post
Topic
Board Bitcoin Discussion
Re: Russia, Oil and bitcoin!
by
panju1
on 01/12/2014, 00:20:58 UTC
Today an important event happened that is OPEC won't cut oil output, which sends crude oil prices plummet to 4yr low to 70$ per barrel.

How this affects bitcoin?


There is a very strong link between oil and the dollar, not so between Bitcoin and oil. Crude oil being denominated in USD is what makes the dollar the reserve currency of the world. In my opinion, any step by an oil producing country to sell a portion of their output denominated in Bitcoin will be a huge boost. There are some oil producing countries with a pathological hatred for the US, like Iran.