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Can the Bitcoin Halving Attract More Investment When Oil Price Drops?
Summary: As the halving may bring a boost in the value of Bitcoin, the cryptocurrency is rising to become a better stock of value than the flopped oil.
As the halving may bring a boost in the value of Bitcoin, the cryptocurrency is rising to become a better stock of value than the flopped oil. Bitcoin halving happens every four years to reduce the reward per block mined by 50% on the blockchain of bitcoin. The upcoming event in May has the potential to raise the currency’s value as the total supply drops.
Meanwhile, since Monday, both WTI crude oil future price and Brent crude oil prices have plunged due to declining demands as the COVID-19 pandemic causes traffic to reduce globally. According to Reuters, at 2:30 pm EDT of April 21, the WTI crude oil future price has risen to $9.06 per barrel, still lower by almost $10 before the slump.
Piers Ridyard, CEO of Radix, said BTC and some cryptocurrencies looked like better stores of value than oil, CoinDesk reported.
By Dawn Wu
Tags: Bitcoin,Cryptocurency,Oil
Link: Can the Bitcoin Halving Attract More Investment When Oil Price Drops? [Copy]
