• Dapps: 16.23K
  • Blockchains: 78
  • Active users: 66.47M
  • 30d volume: $303.26B
  • 30d transactions: $879.24M

Bitcoin Could Soar if Oil Prices Increase

by

4 hours ago

Arthur Hayes, co-founder of BitMEX, claimed that rising oil prices due to escalating Middle East conflict could lead to significant Bitcoin price increases.

The Link Between Oil Prices and Bitcoin

Hayes explained that if Iran were to strike major oil and gas fields, oil prices would spike, dragging other energy prices up, leading to an increase in Bitcoin's fiat value.

Bitcoin is stored energy in digital form. Therefore, if energy prices rise, Bitcoin will be worth more in terms of fiat currency.

Historical Examples and Current Trends

Hayes referenced historical commodity gains between 1973 and 1982, noting the oil prices increased by 412% and gold by 380% during the Arab oil embargo and Iranian revolution.

Middle East Conflict Escalation and Its Implications

Oil prices have fallen 3.7%, yet Bitcoin gained over 8% this week, topping $68,000 for the first time since late July. Israel warned of retaliatory strikes against Iran following recent missile attacks.

The instability in the Middle East and rising energy prices create potential for increased Bitcoin value, indicating possible correlation with traditional assets during global economic shifts.

0

Share

Other news

Promising Cryptocurrencies to Invest in the US

Analysts highlight three promising altcoins to invest in the US: RCO Finance, Sui, and Neiro.

20 minutes ago

Top Bitcoin Cloud Mining Platforms: Find Your Best Option

Explore the leading Bitcoin cloud mining platforms and learn how they can be profitable in 2024.

20 minutes ago

AVEVA secures new partnerships at AVEVA World 2024

AVEVA partners with Vulcan Energy Resources and Oxford Quantum Circuits at AVEVA World 2024 in Paris.

21 minutes ago

Trump's Changing View on Bitcoin and Cryptocurrency Support

Donald Trump alters his stance on Bitcoin, calling it an "extraordinary technology", potentially influencing markets.

21 minutes ago

OKX Removes KLAY/USDT Pair to Enhance Market

OKX plans to delist KLAY/USDT pair to manage risks and improve trading experience for users.

21 minutes ago

New Phantom Feature: Share Tokens via WhatsApp and Telegram

Phantom enables token linking through messengers. Easy way to share price data and charts.

21 minutes ago

dapp expert logo
© 2020. DappExpert. All rights reserved.
© 2020. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.