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

[Rauxanhinu]

When oil price changes the prices of whole commodities changes. When people have more money then will invest more and when they have enough money to overcome their financial needs they will invest little.

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[rosemary4u]

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 don't see any direct connection between bitcoin and the oil industry. We can talk about how the rise in electricity tarrifs  affect bitcoin mining and consequently affect bitcoin. In general, the oil Industry affects a lot of stuffs around us, and this is what I have realised.

[PlusOne88]

Well based on the idea that bitcoin is more like just a digital version of money it is for certain that it may be affected by changes in values. We buy bitcoin from the money that we have and therefore must in the same way must be affected as well. There is a bit of a difference though and this is in the idea that bitcoin is also connected to the demands which makes it easy to move up above the current value of the physical money. But it is always affected by money and the physical economy.

[STT]

In my own opinion, the price of the oil does not affect cryptocurrency because they did not share the same industry as well as the market prices.

Theres a relation just because they both use energy and so are in some competetion for use of resources from that.  It leads to costs vs profitability on the market exchange price.  Just like an airline will put up prices when oil rises, because it impacts their margins fairly directly.

BTC isnt a jet engine turbine setup most of the time but being 24/7 means its considered fairly energy intensive, there is the option of alternatives to oil since flight is not required.  Its fairly important to secure solar, hydro or wind power for BTC mining I think so isolate this link to rising costs in an economy.

  RIght this moment oil has been falling so not much pressure presently.  I have no doubt oil prices rises, doubles in the next decade if only due from inflation occuring

[Olaiasal11]

The price of oil and oil prices in the global market is based on the principal reason for the stock. When oil reserves are high, the market price decreases. And when the stock is low, the price increases. The dollar is used to buy oil sold in the world. There is no connection between btc and there will be no impact on btc if oil price increases.

[katerinaliisa]

I do not see any connection between oil prices and cryptocurrency prices. The price of cryptocurrencies may not change due to the increase in the price of oil. The fact is that after the increase in the price of oil, the global economy itself will begin to change rapidly and since cryptocurrencies are partially involved in trade relations, the costs will increase in any case.

[zhanyiguai261315]

What is the relationship between rising oil prices and cryptocurrency relations!
This is something that the real economy should consider!
I observed the data and found that the price of oil has risen and there is no connection between the land and the cryptocurrency!
Now that oil prices are falling, the cryptocurrency is still falling!

[jaja colleen]

Bitcoin is digital money and it does not use oil so I did not see any impact if the oil price increases,the only affected if the oil price goes up is our daily commodities which uses oil because it definitely they will increase it's price.

[novokovskitve]

and as the bitcoin depends on oil. in my opinion is a currency which does not depend on others and it is not tied to them. seemingly for this purpose it is also created. Fiat - yes, is undoubtedly connected, and bitcoin at what here.

[Dimas99]

I honestly don't see any connection to Bitcoin in this case, and if the prices of both responded similarly in some ways previously, it's likely coincidence. I might have missed something fundamentally, but that's my opinion.

PetroCoin (MaduroCoin) however will benefit from an increasing oil price, so I assume that the investors and backers of this governmental garbage will happily look forward to what the future brings.

I'm interested in reading your theory. If it's convincing and makes me look at the situation differently in terms of Bitcoin, I will Merit your theory.

Your opinion is actually oil prices have nothing to do with the price of bitcoin or other crypto currencies but the price of bitcoin will be vulnerable and easy to change if there are problems in the world economy

[yatogami]

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?

Oil is not used for production of electricity, so why should it correlate with the crypto market?
Yes, there have been attempts to attach cryptocurrencies to the price of barrel of oil (OilCoin or Venezuella's El Petro), but they were not massively adopted around the globe.
The value of cryptocurrencies is dependent solely on demand/supply and the news around the blockchain technology, it has nothing to do with the prices for natural resources and precious metals.

[KesoNie]

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?

Oil is not used for production of electricity, so why should it correlate with the crypto market?
Yes, there have been attempts to attach cryptocurrencies to the price of barrel of oil (OilCoin or Venezuella's El Petro), but they were not massively adopted around the globe.
The value of cryptocurrencies is dependent solely on demand/supply and the news around the blockchain technology, it has nothing to do with the prices for natural resources and precious metals.

Oil its not related to cryptocurrency so whenever it does up or down it cannot changes any movement of a Bitcoin. So surely Bitcoin nothing to happen even the oils price hikes because they are have big differences to each other. But when the oils price hikesit will affect to our economy because many people will affect especially those have no enough income to support for their daily living.

[lamadu3]

I suppose that these things have no connection at all. Each time I was trying to make a parallel between oil prices and Bitcoin cost I failed always.

[STT]

In my own opinion, the price of the oil does not affect cryptocurrency because they did not share the same industry as well as the market prices.

Oil is related to just about everything, all kinds of chemicals are derived from it and plastics we use and eventually even the cost of all energy can relate to a high oil price.   Higher oil will raise the cost of natural gas because all prices are related to some extent.

The reason why oil is related to virtual Bitcoin even is the cost of processing involves alot of energy usage.   As much energy is used to confirm BTC as is used by Nigeria, a nation of 160 million and a major oil producer

[Pattart]

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?

In my own opinion, the price of the oil does not affect cryptocurrency because they did not share the same industry as well as the market prices.

You right, there is no direct connection between cryptocurrency and oil so it will not affect each other. when the production of environmentally friendly cars was made massively, followed by other technologies that did not use oil as fuel. of course it will affect world oil prices, because there is a direct relationship, different from crypto which has nothing to do with oil..

[yanesna3]

The cryptocurrency and oil have no one connection. even when the oil becomes extremely expensive, it will not affect the price of Bitcoin and altcoins.

[Godday]

there is no connection between bitcoin and oil, bitcoin is yes bitcoin oil is oil. they are different and there is no relationship with prices, because the price and future of bitcoin is difficult to predict. surely if oil and bitcoin were related, it would have pleased many people, but that made no sense.

[jonaire99]

I think any oil price hike will have no effects on bitcoin or in the crypto market price. The price of the cryptocurencies will only get affected when there an event or development related to them. Bitcoin price is not linked to oil price  and other prices of commodities unlike the national currencies and economies where oil is traded used.

[sham100899]

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?

theres just no any connection between the oil price hike and the price of bitcoin but however, if arab people will able to legalize bitcoin as a part or somehow a mode for payment then maybe this time, connection will be occur between these two.

[tinkerr100]

Oil could have affected Bitcoin, if it (BTC) were part of our everyday life. Like the same dollars etc. And so, I do not see a special connection to be honest. Of course, in some ways it may affect the price, but these are extreme consequences and nothing more.