After experts predicted Bitcoin’s death for 11 years, trading in barrels of crude oil is below zero

World markets had an historic day on Monday as the price of oil fell below zero and closed the day at – $ 36 per barrel of crude. The sub-zero oil collapse has never happened in anyone’s life, and economists around the world are uncertain about the future of the global financial system. The collapse also caused a significant drop in global stock markets and traders unloaded stocks and commodities with great fervor during the day.

History is Made: Oil Prices Drop 300%, Falling Below Zero to Negative $ 36 a Barrel of Crude

Oil prices fell on Monday and desperate oil traders rushed to sell contracts as fast as they could. Financial journalists could not even keep up with the price of oil as it slipped below zero to – $ 36 a barrel at the end of the day. Currently, the price of West Texas Intermediate (WTI) oil-based futures is up a bit, but the prices of Western Canadian Select, Mars US, Coastal Grade and ethanol are down considerably.

The result of the negative decline could be catastrophic for the economy as oil futures converge with physical deliveries that fuel the world’s industries. Oil traders sold massive amounts of contracts on Monday afternoon, settling physical deliveries scheduled for May. Meanwhile, the price of safe haven asset classic gold has been rising just below the $ 1,700 per ounce range. While the price of oil plummeted, the gold error and economist Peter Schiff said that gold would follow a pattern similar to that of oil, but vice versa.

“What is happening now in the oil market will soon happen in reverse in the gold market,” Schiff tweeted Monday.

Some Bitcoin supporters followed Schiff’s rally cries, but replaced gold with their favorite digital currency. “Is oil negative and do you still think we won’t have major currency failures?” asked Messari.io founder Ryan Selkis. “Buy bitcoin,” added Selkis. Gabor Gurbacs tweeted about how barrels of crude oil fell lower than Bitcoin. “Oil hit zero before bitcoin,” said Gurbacs.

After 11 years of saying that Bitcoin will drop to zero: experts observe that liquid gold becomes almost useless

On Tuesday morning, long before the opening bell of the New York Stock Exchange (NYSE), futures look extremely sad and analysts predict that the Dow Jones will drop another 300 points. The drop in below-zero oil follows the past 11 years of experts saying cryptocurrencies would never last and that bitcoin would drop to zero. A great example of this view is the 380 bitcoin obituary headlines that have been published over and over over the years. Even Peter Schiff has said that the crypto economy and bitcoin price will one day be trading at zero.

“These coins will trade at zero or very close when the bubble bursts. Right now, the only reason people buy bitcoin is because the price is going up. When it turns around, they are not going to sell it for the same reason, ”said Schiff.

At the time of writing this article, the crypto economy ranges from $ 195-200 billion as markets ended up taking a slight hit on Monday during the aftermath of the oil price. BTC is trading at just over $ 6,800 per coin, ETH is trading at $ 170 per unit, and bitcoin cash (BCH) is trading at $ 218 per BCH. Right now, oil refiners and oil traders are also running out of space to store liquid gold, and contract sales are declining rapidly.

Lack of space has caused oil refineries to store quantities of oil at sea and companies like Glencore now store 3 million barrels of crude oil at sea. Glencore representatives did not comment on the move, but reports say it costs them $ 37,000 a day and that the ship will be anchored at sea for six months. Royal Dutch Shell also allegedly stores oil in three supertankers at sea containing 2 million barrels each. Sources say these oil companies have been holding back since the recent OPEC deal fell through and plan to wait until prices rise.

Reference: news.bitcoin.com

Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.

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