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

[davis196]

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?

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[BitHodler]

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.

[Lehbane]

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.

Yeah! i was what? is the topic really make sense? Well we have a country who uses their own coin to purchased oil from them and I can see the connection that when the oil price increase the coin value as well, but if you make it as general then ----I can only say is-----eh???!!

[blockman]

What I've been observing is when bitcoin is going down, stocks are going down and oil price is going up.

I can't say that they have a connection or oil and bitcoin are relying to the same market but I think if the world's economy we are talking about here, they are part of it so if oil's price goes up I'm not saying that bitcoin's price will go down.

But the relation that I can say is when the economic situation is bad, most of the markets are down and the price of oil goes up.

What's your theory?

[act now]

To be honest, I do not see any correlation between the price of bitcoin and the price of oil. Rather, the price of oil will affect on fiat currencies. The price of bitcoin depends on many factors, and when the market is firmly settled by institutional investors, there will be even more such factors.

[max fray]

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 price of bitcoin does not correlate with the oil price in any way.
Neither it depends on the cost of electricity, which is actually generated by coal and gas (and nuclear plants or renewable energy sources to a lesser extent).
So even $150 per barrel would not impact cryptocurrency prices - they depend solely on supply & demand on the market and some political issues like regulation.

[stompix]

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?

It's neither.
Besides, oil at 120 is a bit far fetch, if it's going to raise that much consumption will drop and more shale oil will flood the market alongside with heavy oil.
100$ maybe, because of the current flip flop with Iran but 120...doubt it.

Back to bitcoin, it is going to have 0 effect.
Oil at 10$ or at 100$ it's the same, those two have no connection whatsoever.

[Direwolve735]

Given the statistical data for the last few years, I can say that bitcoin and oil are directly proportional to each other. In 2017 fluctuations in the bitcoin rate were parallel to fluctuations in the cost of oil on the world market. But we can not talk about the direct impact of oil price jumps on the bitcoin rate. None of the products traded on the world market directly affects the price of bitcoin. The cost of bitcoin and oil is correlated as in these industries approximately the same investors.

[jenktosar]

Given the statistical data for the last few years, I can say that bitcoin and oil are directly proportional to each other. In 2017 fluctuations in the bitcoin rate were parallel to fluctuations in the cost of oil on the world market. But we can not talk about the direct impact of oil price jumps on the bitcoin rate. None of the products traded on the world market directly affects the price of bitcoin. The cost of bitcoin and oil is correlated as in these industries approximately the same investors.

I think it is unlikely that as in these industries approximately the same investors. Some investors on wall street do not consider cryptocurrencies for something worthwhile. Remember even the expression of Warren Buffett about bitcoin. Therefore, it is unlikely that raw materials so affect high-tech development.

[Beerwizzard]

Back to bitcoin, it is going to have 0 effect.
Oil at 10$ or at 100$ it's the same, those two have no connection whatsoever.

There is a tiny chance that Petro investors will decide to take their profits somewhere around 100$ because oil obviously won't go higher. This might pump BTC a little bit. But tbh I have no idea about the details of petro trading and don't think it will make a significant influence. Hovewer, I also doubt the mental abilities of the people that invested in Petro coin so there is a chance that they will keep hodling.

[dothebeats]

No connection whatsoever. It's like asking what will happen to steam trading cards prices if the prices of bread went up which doesn't make any sense IMO. Surely, some investors might bank in to oil within the next months as they expected the price/barrel to rise, but that wouldn't really affect bitcoin in any way since it's not like a huge percentage of investors here are oil traders. Stock traders, on the other hand, might give it a go and try their luck on the oil trading market, but those bitcoin traders right now? Certainly not going to give a damn, given that it's ripe for the pickings again considering that we have entered yet another buying opportunity.

[markj113]

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

[Sidiq SP]

actually I am not very familiar with this situation, but if I may express an opinion on this matter that if the world oil price rises it will affect the world of crypto and bitcoin, but I think this influence is a good influence, so that with the increase in oil prices, the more people who will invest with this bitcoin, this is my opinion

[WhyBit]

Even most of members there is no connection between these both but I think we have some because in many countries electricity connected to Oil so its going to hurt this and miners fees going to increase just because of this its going to hurt bitcoin price as well so high oil meaning low price in bitcoin

[socksserver3]

I don't see any connection. why should it influence the bitcoin price? I don't know as I m not expert but to my mind this will not make any difference to BTC. I think that it will show great potential very soon

[Wonder_woman]

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 think there is really no connection between oil and bitcoin. So I think the fluctuation of the price of oil wont affect BTC at all.

[loveinberlin]

Hm, it is a difficult question. I don't think that the influence will be really crucial but maybe this will play a certain role and the price of BTC will grow as well. but it may not happen as well we will see soon

[basyang]

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?

From my point of view, I do not see any connection between the oil price high and bitcoin price. Somehow, they are similar because both of them are unstable and volatility. The oil price high is affecting the fiat currency of the country and the gasoline price become high so that the consumer is demanding for its. While the bitcoin price is depending in the market when it will be dropping down or become high.

So I do not see any economic effect between to the price of oil and cryptocurrency, We knew that oil price has a big impact in the economy and  cryptocurrency is just starting in the industry.

[Theb]

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.

It does have a big connection, allow me to give you a scenario where oil price hikes are the main contributors of commodities increasing in prices. Because as of right now majority of the world depends on oil as cargo ships, passenger airplanes, delivery trucks all of those machines needs oil and if these companies are affected by the price increase of oil it will lead to an increase in their product to compensate with the oil price hike. An increase in product cost will lead to an increase in daily living expense which of course will lead to some cryptocurrency holder liquidating their crypto assets for Fiat. And now we arrive to a conclusion that Oil Price Hikes may decrease the value of Bitcoin. Think of it as a recession where all assets are down as everyone is liquidating in order to have fiat.

[Old God]

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.