It won’t be wrong to say that the fluctuations in the value of crude oil inflict a direct or an indirect impact on all the major industrial domains in the global parlance. Recently, the price of crude oil steeped down to a historic low value of negative $3 per barrel, leaving the biggies of the industrial sector in an utter shock condition. The demand has fallen down at a significant rate, which has brought about an upsetting financial upheaval. The crypto industry is in no way different from others and so the crude oil price crisis has triggered a chaotic scenario in this arena as well. Some of the most renowned crypto personalities have shared their reviews on the unfavorable crude oil market condition, through their official Twitter handles.
Peter Schiff, the founder and CEO of the Euro Pacific Funds, stated that the market dealing in gold would see a reverse of the oil market crisis very soon. He explained that in the oil sector, the providers are trying to deliver, but the consumers are not ready to take it, while in gold, it will be an opposite case where the consumers will strive to make the delivery, but the suppliers would fail to do so.
The oil price is now negative $3 per barrel. What is happening now in the #Oil market will soon happen in reverse in the #gold market. In oil the shorts are trying to deliver, but the longs don't want it. In gold the longs will try to take delivery, but the shorts won't have it!
— Peter Schiff (@PeterSchiff) April 20, 2020
In one of his tweets, Peter claimed that the cost of storing oil for future use has risen to an all-time high value. He highlighted that despite all circumstances, the oil firms are supported by the Fed, which helps them survive with an edge. Peter affirmed that the solution to this is to bankrupt these firms and put an end to pumping.
Oil prices have crashed below $11 as demand has collapsed, and the cost of storing the oil for future use is now too high. But highly indebted oil companies being propped up by the Fed keep pumping anyway. The solution is to let these oil companies go bankrupt and stop pumping.
— Peter Schiff (@PeterSchiff) April 20, 2020
Another tweet came in from a popular crypto advisor who owns a Twitter account under the name of The Cryptomist. The lady inquired from her followers if this is a good time to buy oil. In no time, her tweet garnered an array of interesting replies from the followers.
This a good time to buy oil? 👀
— The Cryptomist (@TheCryptomist) April 20, 2020
Binance, the world’s leading cryptocurrency exchange in terms of daily trade volume, also shared a post related to the situation. The post equalized the price of one Bitcoin to 68,880 Barrels of oil. This made the followers question mockingly if they will soon be able to trade OIL/BTC trading pair on Binance.
1 #Bitcoin = 68,880 Barrels of oil.
— Binance (@binance) April 21, 2020
Vitalik Buterin, the spearhead of Ethereum, released an interesting post which questioned the followers that if the oil price goes up from -$30 to -$10 tomorrow, will it amount to a 67% drop?
So if oil rises from -$30 to -$10 tomorrow does that count as a 67% drop?
— vitalik.eth (@VitalikButerin) April 21, 2020
The well-known America-based entrepreneur and investor, Anthony Pompliano, let a mockery remark on his Twitter post. He stated that as the oil prices are rolling at a negative value, so can it imply that its time to end the war in Iraq.
If oil prices are negative, does that mean we can end the war in Iraq now?
— Pomp 🌪 (@APompliano) April 20, 2020
The Founder of CryptoKanoon, Kashif Raza, summarized the prevailing conditions of the entire financial market in his tweet. He mentioned that the price of fiat currency is going down along with the significantly plummeting oil rates. However, the gold market is on a stable run while Bitcoin is on a success roll with price value booming at a fast pace after ages. Raza advised his followers to make a well-informed decision by choosing wisely.
Fiat is failing.
Oil is falling.
Gold is stabilizing.#Bitcoin is Booming.
— Kashif Raza (@simplykashif) April 20, 2020
Peter Brandt, a renowned trader, highlighted the implications of the crude oil price crisis. With trading firms going bankrupt, NYMEX failing to meet its margin calls, Futures Commission merchants, etc. Peter opined that the day would be recorded in the books and the situations will turn uglier.
How much blood will be on the street b/c of Crude Oil?
Bankrupt trading firms
NYMEX — margin calls not met
Futures Commission Merchants
— Peter Brandt (@PeterLBrandt) April 20, 2020
The chief of India-based cryptocurrency exchange WazirX, Nischal Shetty, took this situation to encourage crypto adoption. In his tweet, he pressed upon the fact that the traditional market has not been stable in recent times, with US crude oil futures dropping below $0 into a negative value. He mockingly asked his followers as to what they would like to address oil as- a Ponzi, scam, no intrinsic value, etc. considering the current crisis.
US crude oil futures plunged below $0 into negative price
Would you call Oil as a “Ponzi”, “Scam”, “No intrinsic Value” etc due to this?
The last few months have made it clear that traditional markets aren’t “stable” either
Let Crypto builders build#IndiaWantsCrypto
— Nischal (WazirX) ⚡️ (@NischalShetty) April 21, 2020