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Author Topic: What would be the effect in price of Bitcoin if Mid. East will adopt it ?  (Read 29 times)
Johnlz
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April 17, 2018, 12:37:06 PM
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If Bitcoin will be used for trading oil what price do you expect?
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kevoh
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April 17, 2018, 12:52:25 PM
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Neglecting Bitcoin's sustainability in the long run, OPEC and other crude oil regulators, the price of a barrel of crude oil will be derived from how much energy is expended to mine one bitcoin.

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In October, James Stafford of Oilprice.com estimated that Bitcoin mining consumes 22.5 terawatt hours (TWh) of energy annually, which amounts to 13,239,916 barrels of oil equivalent.

With 12.5 Bitcoins mined every 10 minutes, that means the average energy cost of one Bitcoin would equate to 20 barrels of oil equivalent.
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April 17, 2018, 12:55:42 PM
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If Bitcoin will be used for trading oil what price do you expect?

It is hard to predict what will the price of bitcoin if the middle east will invest into bitcoin. The Middles East is one of the most populated areas in the world and also one of the richest countries in the world as they have the biggest oil sources in the world. If those big players will enter into this world of bitcoin then we can expect bitcoin to reach 100k4 to 200k$ by Next Year.

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April 17, 2018, 01:00:59 PM
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If they have more investors the price will make much bigger. If the  middle east will adopt the bitcoin. So they will make as investors to the bitcoin. And thats the affect the bitcoin will pump much bigger than the price last year.

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April 17, 2018, 01:04:11 PM
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If the middle east accept bitcoin and endosed in respect of buying oil and gas may not really affect the price significantly but more and more from this region would invest into bitcoin.

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April 17, 2018, 01:20:26 PM
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The effect will be massive. Man, Dubai? Heck that's a ton of money pouring into crypto. Expect for the golden era of cryptocurrency and blockchain.

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April 17, 2018, 01:41:11 PM
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how about this for out of box thinking..

instead of crying about how banks wont adopt bitcoin yet we value bitcoin vs the dollar. and thus other FIAT currencies then convert the dollar fiat to their own countries fiat to then value bitcoin against their own currency. thus making the dollar more significant than bitcoin

how about WE as a community decide to ditch the dollar, because right now even in america itself there is a disparity of using the dollar as the measure. in arkensaw (min wage=$8.50) and in illinois($10)
arkensaw has to work over ~950 hours where as illinois only has to work ~810 hours

so again, how about WE as a community decide to ditch the dollar and measure bitcoin against, either:

cost of living:- lets say right now today that a bitcoin is 900 hours of labour.(where markets then buy/sell in hourly increases/decreases) so that everyone around the world can get a bitcoin for the same labour time no matter what their fiat vs fiat rates are

barrel of oil:- oil is a dying industry.. but we could measure it as being that we are willing to buy 100 barrels of oil for 1btc

id say its far more easier to petition our own community to get bitcoin exchanges to swap the measure. than it is to cry and sit on hands hoping banks/opec take the lead and control of the price

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Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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April 17, 2018, 01:50:00 PM
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If Bitcoin will be used for trading oil what price do you expect?
If it happen,i think that it will be easy to reach 100.000 usd because the price will affect on oil price, and everybody want it to be stable; and it is more trusted, it's value will go up.

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