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

[stompix]

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

Well, according to this:
http://www.tsp-data-portal.org/Breakdown-of-Electricity-Generation-by-Energy-Source#tspQvChart
only 5% of the total energy produced in the world requires oil.
When it comes to Europe it's down 2% and 3% in the US.
So even if the price of oil will go to 100 and above, the rates won't go that much up, another drop to or even below 7000 would hit miners x times harder.

[HatakeKakashi]

Oil and bitcoin is not connected to each other I think. Bitcoin is online and that's digital while oil is offline marketing. If the price of oil decreasing or increasing I don't think bitcoin can affect from th emovement from the oil price.

[just_Alice]

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 impact are you expecting? I think oil prices aren't anyhow related to cryptocurrency prices. Only if all of the cryptocurrency holders would suddenly decide to sell their cryptos in order to buy a couple of barrels. But even then the impact wouldn't be that serious.

[roxbit]

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 price hike is always happen and it seems nothing to do with crypto. Crypto continues to be volatile, unpredictable and all norms of it goes on. Even the oil price become low or high it has no connection to bitcoin and vice versa. They are too unrelated and in same way no connection to each other.

[nebuch]

Oil price is not depends on bitcoin price or vice versa. It means if oil price hike it effects itself. There are instances that bitcoin crash but the price of oil decrease. Sometimes bitcoin price increase but the oil price is the same. So there are own freedom of both parties. No worries because oil is not yet decentralized.

[Seunbabatunde]

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. Oil accepted in every countries but not every countries accept the bitcoin.

[marsmyname]

Nothing happens with bitcoin because the price of oil does not affect the price of the cryptocurrency.

When the oil prices goes up, the savings of the individuals goes down as the laws of economics says as a result of which the demand for the Bitcoin in the market falls. A fall in the prices of demand for a commodity reduces the prices of that commodity. This leads the people to either reduce the use of oil or take loans to meet the needs and keep their investment going in the market.

[Uno17]

If the oil price goes up, everything in our prime commodities goes up too so inflation occurs, and if inflation rules there is a decrease of currency value, so it means including bitcoin price goes down too. Oil price matters a lot to us, it has a big impact to our lives and to our daily needs, it drives everything we need in our living because oil price causes inflation and deflation to our market.

[Lorence.xD]

I do not see any directly connections between them, but, i think, if the potential investor will became richer or have more extra cash he will invest into btc, so price will go up, in theory ofc, and oil is limited resource like btc, but, it will end sooner or later.

In my opinion any price increase on Commodities like Oil has no direct impact on Bitcoin, Not unless, one or two Big Time investors had Huge invested in Bitcoin and the same manner also invested in oil product then sadden shift by pulling out the said investment from Bitcoin  then invest further to Oil product, it may affect somehow the price value of Bitcoin but only the fraction of point.

[Pjoh ie]

happiness btc in my opinion is when bitcoin start booming and arguably has started viral among the society, and this makes bitcoin enthusiasts more and more if the demand more and more then bitcoin price will soar, as happened at the end of 2017

[batang_bitcoin]

Oil and bitcoin is not connected to each other I think. Bitcoin is online and that's digital while oil is offline marketing. If the price of oil decreasing or increasing I don't think bitcoin can affect from th emovement from the oil price.

You haven't read this I guess.

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

There can be a connection to everything if they are using power source / energy.

happiness btc

It's a typo error mate, it should be "happens".

[enisshkurti]

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.

There is a good relation between the gas and bitcoin price, because when price of gas changes the value of USD changes too , if gas price goes up, USD loses value, and also bitcoin loses value too.

Me as an Economist, this is how I see this situation.

[ilovefeetsmell]

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?

Is it related in our bitcoin? It is far from cryptocurrency, there's nothing we can do if the oil price goes or down. Just focus on the price of bitcoin to have an updated news and information about it.

[canadinhano]

I do not see any directly connections between them, but, i think, if the potential investor will became richer or have more extra cash he will invest into btc, so price will go up, in theory ofc, and oil is limited resource like btc, but, it will end sooner or later.

In my opinion any price increase on Commodities like Oil has no direct impact on Bitcoin, Not unless, one or two Big Time investors had Huge invested in Bitcoin and the same manner also invested in oil product then sadden shift by pulling out the said investment from Bitcoin  then invest further to Oil product, it may affect somehow the price value of Bitcoin but only the fraction of point.

I have not really seen the relationship between BTC and the price of being rich or related to other properties around the world, BTC exists and develops based on supply and demand around the world. Not dependent on world oil prices as people think. If during the price of oil fell but the whale pump money into the BTC, the BTC price increase, not affected by oil prices.

[crzy]

I think bitcoin can not be influenced by rising oil prices because only investors are able to make bitcoin growing so you do not easily believe in problems like this in order to keep focus in obtaining profit.

,and in some aspects it doesn't really have a major connection between oil and bitcoin or should we say crypto, but i have read from the earlier page that there is a certain coin related to oil, maybe that project might be connected to oil. In some other reasons it doesn't really affected due to the rise of oil price in the market, because it doesn't use any oil as a fuel.

That is a PETRO coin from venezuela which is an Oil coin, I think if the price of oil rise high this coin will be affected but not all cryptocurrency especially with bitcoin. If the price of oil continues to soar high maybe people will convert their bitcoin into fiat money to buy the thing their need but it will not affect the market much.

[Sled]

I don't see any clear connection between the price of the oil and the price of bitcoin because they are not related and even the price of oil goes up really high or really down, it doesn't matter to bitcoin because the only thing that determines the price of bitcoin is the demand from the people who want to buy and sell bitcoin.

[Deubila]

If the oil price goes up, everything in our prime commodities goes up too so inflation occurs, and if inflation rules there is a decrease of currency value, so it means including bitcoin price goes down too. Oil price matters a lot to us, it has a big impact to our lives and to our daily needs, it drives everything we need in our living because oil price causes inflation and deflation to our market.

But in my opinion, BTC does not affect world oil prices, BTC is a special asset, separate from the demand in the market of goods and services, so if the oil price increase or decrease does not affect the price BTC, BTC only decreased when supply increased and prices increased as supply decreased, demand increased.

[laravuemaster]

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?

The oil price will not affect the prices in the market of cryptocurrency because oil will just affect the physical products, market of cryptocurrency is too far from the issue of economy in the country, banks with few investors is the only way for the economy of the country to be affected in terms of taxes.

[kwarto]

Cryptocurrency has its own path different from the oil way. although they moves by the impluence of supply and demand it does not mean they are depended in each other.

[pinoyden]

The oil price will not affect the prices in the market of cryptocurrency because oil will just affect the physical products, market of cryptocurrency is too far from the issue of economy in the country, banks with few investors is the only way for the economy of the country to be affected in terms of taxes.

that will still depend. What if some other people will use cryptos such as bitcoin in order to purchase oil? you know mate physical products such as oil can also be bought online within the online store.

 Bitcoin can also be used on some offline stores , therfor it is really possible that oil can affect the value of bitcoins.

if the price of the oil goes up , that is only an indication that lots of people are buying it and if that people uses bitcoin to purchase oil, there is also chance that bitcoins value can also increase.