President Trump predicted oil prices to $ 9 after accidentally advertising for Bitcoin

US President Donald J. Trump:

After accidentally advertising for Bitcoin (BTC) last week, US President Donald Trump now hinted that he expected oil prices to collapse to $ 9.

In one news conference On March 31, Trump reiterated what had become a trend to lower oil prices.

Trump: $ 9 can "help you get what you want".

The president of the United States made this comment during talks with Russia and Saudi Arabia - both countries are planning to increase oil production this month despite the reduced demand caused by coronavirus. WTI crude oil has lost more than 50% of its value in just the past 30 days.

"Look, it costs $ 22, but it's actually a lot cheaper if you want to negotiate - no one sees that," Trump told the press.

“That's like from the 1950s, it really is - meaning that it costs $ 50, $ 60, $ 70, $ 80, and now it's $ 22, but you know, if you bid well at $ 9, I Think you can get what you want, right? ”

The last time oil prices hovered around $ 10 was in 1998, when Saudi Arabia increased production flooding the market to halt Venezuela's development.

As Toiyeubitcoin reported, Bitcoin has managed to limit its annual losses by about 10%, while WTI has dropped by nearly 70%, according to data from monitoring resource Skew.

Macro asset returns for 2020. Source: Skew
Macro asset returns for 2020. Source: Skew

Oil producers are at risk of bankruptcy

Mr. Trump's particularly poignant comments come from behind the crisis facing both the dollar and its issuer - the Federal Reserve.

After the Fed declared that the money in their funds was "infinite," Trump later said that the state could exercise unlimitedly, he described it as "our money" and "the currency of we".

This has shaken Bitcoin supporters, as the lack of intervention in such a money supply is an important benefit compared to fiat, which makes cryptocurrencies a hard currency.

Russia's plan to increase oil production in April is especially significant for its fiat currency - the ruble, and its users. In line with oil prices, the ruble has fallen to its lowest level against the dollar in 4 years.

Paradoxically, Russia is now spending money to raise the ruble's exchange rate and produce oil for the saturated market.

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According to CoinTelegraph
Translated by ToiYeuBitcoin


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