What happnes to BTC,if the oil price goes up?

[bitcad4u]

If they have huge money apart from monthly expenses,they will inverse in crypto currency.If the price of oil is increased,it will reduce the people monthly savings.So indirectly it will impact the investments in crypto currency including bitcoin.When the price of oil is decrease,may be the investments in bitcoin increase.

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[Kambal2000]

Is there any connection with the price of the oil? Bitcoin to some countries are not required to pay taxes so I don't think that there is an effect on it, it is not something just like what is normal happening now that if the oil increases the price of goods and commodities are also increasing in value.

[Kim Ji Won]

I can't think of any relevance to oil's price increase to cryptocurrencies price so probably it will not affect in any other way. The connection of oil to the world economy has no connection to the way the price in the market changes so I would love to hear your theories about the connection between those two.

[FrueGreads]

Well like the majority of the users that expressed their opinion, if not all until now, I don't really see a connection between the two. They are two entirely different assets, and bitcoin is still to small to have any real impact on our economy. Oil on the other hand will have a huge impact if it keeps going up.

The only think I can see, for the future, and this is really not likely, is that the oil price goes up a lot, and starts crashing the economy on some countries that will have trouble importing oil. If a crash happens, it's probably likely that the bitcoin price will go up, because people will buy it, in the hopes of keeping their economies safe.

I would like to hear your opinion about it though, since you said you had some ideas.

[EdenHazard]

It's just a coincidence, when oil price increased as it's now and bitcoin price goes down, through I have not seen any correlation that would cause the price of cryptocurrency to decrease if the oil price goes up and otherwise.

If you have other though the correlation oil price can influenced cryptocurrency price with my pleasure I will read and understand it because this is something new that I have not understood in cryptocurrency. As long as I have been here I never read any information about it, be it at ccn.com, cointelegraph.com and other sources related to cryptocurrency.

[1Referee]

Higher oil prices will lead to increased electricity costs hitting the miners a little harder.

If so, why didn't lower oil prices lead to lower electricity costs? The oil price crashed like there was no tomorrow and the electricity costs remained as they were, where in some cases the electricity costs have gone up slightly.

If we look at things from a wider perspective, every asset or industry that's not directly correlated to Bitcoin can still affect its market in certain ways. The main point however remains that it will likely be via an alternative route. In other words, increase in oil price leads to X to gain value, where X makes sure Y gains value, and because of Y gaining value it affects Bitcoin too. It's like a domino effect.

Everything with fundamental impact value has the potential to shake things up. Oil has that fundamental impact value.

[jak3]

i do not think any sort of commodity will affect bitcoin's price because there are lot of them and no one of them has came any closer to bitcoin. Nowadays people can exchange their bitcoins with anything or any service they want you can even get hotties with it. Some people like to save their coins and some like to invest but oil is mostly invested and i don't see any sort of links to bitcoin which can change its price ever.

[Lyne01]

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?

What is the connection between bitcoin and the oil industry? Businesses are paying oil not buy bitcoin but by fiat currency. Bitcoin will stay as virtual currency and it will be affected by the high price of oil.

[richardsNY]

What happens to Bitcoin when agricultural products go up in price?

It has become some sort of a hype where everything that goes up or down in value affects Bitcoin in whatever shape or form. In the same way that people think an increasing or decreasing Bitcoin price must be the result of a positive or negative event. In order to actually find out whether or not it affects Bitcoin's market, it has to be affecting it consistently. If it happened just once or twice then there is nothing of value to gain. Once Bitcoin's market and ecosystem has matured enough, its fluctuations will start to affect other industries. It will no longer be what will happen with Bitcoin if this or that industry experiences a boost, but what happens other industries when Bitcoin experiences a boost.

[kendedese]

I do not think there is a relationship between them. oil and bitcoin have different markets, bitcoin prices fluctuate but oil prices tend to rise.

[bintangkejoraku]

no relationship at all, except oil can be bought with bitcoin. unstable bitcoin prices can not keep up with a more stable oil price.

[CuteBaby123]

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?

Well, the only corelation I see between bitcoin and oil is that oil used in producing electricity, and bitcoin mining and trading used electricity. However, this will not indicate that once oil price increases, it will affect bitcoin price as well. Maybe on the world market, because oil is one of the basic commodities we need, then if the price goes up, bitcoin may go down.

[darkangel11]

There's no direct correlation IMO. Oil isn't being used to produce electricity, so it will not increase a typical miner's bill.
Gas stations still don't accept cryptocurrencies, at least most of them don't. Again no impact.
I see a new market opening for Elon Musk. Oil prices go up = greater demand for electric cars. If he starts accepting BTC while the price of oil continues to go up, we'll enter a bull market unseen before 

[maxreish]

I think is no effect the increase of fuel price in the market, because bitcoin wasn't used oil. In my knowing the bitcoin require the use of internet connection not oil, so not really affect the price of oil in the market against bitcoin price in the market, bitcoin and oil are not connected to each other.

[slyfox]

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?

I really do not see any kind of correlation between bitcoin or cryptocurrencies and oil, they are very different assets, one is a digital currency and the other is a natural resource needed for the creation of many products, it will be interesting to read your theory about what kind of connection do you see and how that is going to affect the market of cryptocurrencies.

[abas_ir]

i think it need market correlation analisys.not each people have this knowledge.only some people that have good fundamental knowledge can predict the thing happen to bitcoin if oil price goes up.

[bocyaj]

When the price of oil is increased, it will impact on the Electricity.If the electricity price increase ,it will reduce the mining.Finally it impact the price of bitcoin.Other than this I don't think any impact on the price of bitcoin. Not only  price of oil is increasing, the price of all commodity is increased.

[squog]

Not unless BTC has a direct project in the oil market and it is it's only project. Or BTC is heavily reliant to OIL to cover it's matker value then I don't think OIL prices will be relevant to BTC. I still believe that the prices of BTC and crypto currencies are still heavily reliant on the supply of the coin itself in the market. So just hold on to your coins.

[wantjokull]

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?

Dont know what others are thinking here but logically there is no impact of the outside commodities on the bitcoin value or the crypto currencies. They are both different assets and it may just affect the stock exchanges on which it runs really but not the crypto exchanges. These are independent of the things happening with the commodities that are out there as the trade that is taking place is between two countries, their currencies, and government evaluation and demand-supply stuff. There is no single point where crypto currency comes in here.

[Naficopa]

Higher oil prices will lead to increased electricity costs hitting the miners a little harder.

Yes, that's probably the only sensible explanation. The increase in the costs of miners may increase if price of electricity increases. Otherwise, I do not see the relationship between price of oil and price of bitcoin.