Lots of things happen due to "coincidence", in fact coincidence is merely the human nature of trying to associate connections to things that aren't connected.
I do, however, think this is an interesting thing to analyze further. Can you compare the price of BTC/USD and the price of oil back 3 years and track it going forward? That's the only way to see if a trend is emerging, and know that even if a trend emerges it DOESN'T mean that there is a causal relationship.
I look forward to seeing more analysis you're able to put together and share.
Prior to Feb 2014 there is nowhere near any correlation, USD/BTC was off the chart, and in 2013/2012 btc was around $1. Obviously BTC was not created to do this, but when the value and transaction volume became large enough ($1100/BTC in Dec 2013),
MAYBE someone/somegroup decided to use btc to try to get around some sanctions. (this does not represent global oil production just a couple tankers a week)
I dont have my original data anymore, I never even saved the file. But with data prior to Feb 2014 it was hard to see the correlation last 12 months (It was like 0.01 BTC/barrel at some points and that value moved up and down drastically making no logical sense) You make a good point Possum, if some could see the graph with prior year data with absolutely no correlation with BTC/barrel ratio all over the universe, then all of a sudden it remains constant, not for a week, or a month, but for an entire year, you have to say hmmm.
