The reign of “King Coal” was abruptly halted by King Oil, and as we speak, there is a signal that the end of oil is near. Yesterday, the price of West Texas Intermediate (WTI), a grade of crude oil used as a benchmark in pricing crude oil, fell below zero signally that the end of the much-sought-after product is near.
The sudden price fall continues to surprise cryptocurrency experts. One, the reason people give much credence to oil than cryptocurrency assets that continues to regain strength since the beginning of COVID-19 and have never tilted towards zero.
There is no making mistake that COVID-19 redesigned the financial world, and at the moment disrupting the oil sector, giving some the affront to conclude that the end to Oil Rush is near.
Comparing Bitcoin with Oil
First, it was Anthony Pompliano, co-founder and Partner at Morgan Creek Digital, who first mocked the situation, saying the financial world can say whatever they so desire about cryptocurrencies, however, they should always remember that even shitcoins have not at any point traded at negative.
This he said regarding crude oil which its value went negative.
“Wall Street can say what they want about crypto, but a shitcoin has never traded negative,” Pompliano said.
Pompliano’s conclusion reminds one of the statements of Ahmed Zaki Yamani, a former Oil Minister in Saudi Arabia, who once said that “the Stone Age did not end for lack of stone, and the oil age will end long before the world runs out of oil.”
Another point worth noting is the statement of Sven Henrich, the founder of Northman Trader. He said WTI has turned to WTF (What the Fuck).
BREAKING: WTI renamed WTF
— Sven Henrich (@NorthmanTrader) April 20, 2020
As the world continue to fear about the present COVID-19 situations, the price of Bitcoin still stays around $6,800, and never in the history of Bitcoin has it fallen by 90% or more in a single day or a week.
Even Bitconnect, which remains the largest exit scam in the history of cryptocurrency still trades at a positive value despite the fact that the asset is not functioning again.
Meanwhile, from Baghdad to Nigeria, Saudi Arabia to the US, countries continue to panic on the next oil situations as oil price plummets.