Bitcoin and Oil: Not As Different As You Think

With everything going on in the crypto space over the past few months, the fate of Bitcoin could very much likely be that of oil. The leading cryptocurrency brings in a lot of attention on a daily basis and with it, demand. This isn’t just a digital currency, it is something that offers freedom and financial catches too.

The process that oil goes through is that same thing that Bitcoin goes through, mining. And right now it is a huge threat to the environment. There is a big percent of the world’s wealth which is held in the digital currency - with Bitcoin being in the front seat - and it has become a domineering product. According to the community led by Ethereum co-founder Vitalik Buterin, there is a chance for the crypto markets to achieve a thousand return in value in terms of long-term means.

2017 was a time when cryptocurrency almost became a household name since it was worth $20,000 a pop. As a result of this, the crypto value shot up from $200 million to $200 billion which is around 70 percent of the global wealth including gold, reserve currencies and other traditional assets.

“The blockchain space is getting to the point where there’s a ceiling in sight. If you talk to the average educated person at this point, they probably have heard of blockchain at least once. There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore.”

When the price of oil surges, this can have a serious impact on the world’s wealth volume and trade. As reported by ZyCrypto, from 2014 to 2016, there was a serious decline in the oil price and there was about a 70 percent drop in its price and when oil rocked the global wealth so does Bitcoin, a fluctuation in price affect the global financial state.

This year we have seen signs that suggest the price of Bitcoin will rise and continuously grow higher in the future. A lot of development is going on in the crypto space which will trigger off institutional adoption of blockchain technology. Thanks to the blockchain, we have Bitcoin and if we can get a mainstream audience to blockchain this will have a huge impact on the leading cryptocurrency in a good way.

What are your thoughts? Let us know what you think down below in the comments!