How OPEC meeting effect BTC and Burstcoins!!!!
To my Burstcoin, BTC and Steemit fans, I love you guys (in a good way) thanks for the Crypto-love. Now lets get into the blog. I'm a geologist in the oil/gas industry and, I watch this market carefully. OPEC made a deal with members and Russia for a 1.2m (per-day) cut. This strategy may help bring the prices up in the near future for gasoline and oil products.
Now how this helps the BTC market? Warren Buffett a year ago was on CNBC and was asked a question about BTC. He said BTC only goes up if the Dollars (USD) rises in the markets.
The USD is totally connected to the Petro Dollars. If the oil prices increase than the Petro Dollar will go up. The Petro Dollar is the USD basically (https://goo.gl/BC3UtF). Some countries like Iran tries to buy/sell oil barrels without the Petro Dollar, in terms to destroy the USD. So there is a correlation with Oil and USD. In the future (Jan.1, 2016), prices will go up as the commodity goes down and need for it increases.
Now does this effects the Burstcoin Markets? I'm a huge Burstcoin guy. I mine this coin personally. In the short term I have seen the value of Burst go down when BTC rises on Poloniex. I guess people want to catch the Bull when it there on the market. But once the market settle down, the investing come back to Burst with more capital to invest. It's a win-win situation for both parties. This situation just recently happen around Sept month until now. Looking at the history 2 year ago, if BTC rise most alton coins will rise do to more people getting into the cryptocurrency markets and burstcoin was one of them too. In the end, Burstcoin should rise in price if Petro Dollar increases.
Thanks for the listening/reading, I not the best writer but, I thought this should be shared. Please upvote, comment, and share. Go Burstcoins, BTC, and oil prices.
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