Energy markets could impact the future of Bitcoin
, but not only in terms of demand & supply. The current chaos appears to be a power conflict between Saudia Arabia and Russia, both with different perspectives on production and pricing.
Managing Director of the MEES Energy Newsletter said; "Usually when oil is cheap, the dollar is stronger. But we haven't seen that in this crisis, because of the coronavirus".
So far, China and Russia have been amongst the most proactive countries exploring the blockchain-technology
. But now there are rumours of Iran making efforts to bypass sanctions, possibly deals related to oil or commodity markets. The sentiment among crypto fans in China and Russia is more or less rebellion.
Mikhael Jerlis, CEO of the Russian EMCD.IO mining pool said:
"Big crypto mining pools are rejecting Iranian miners because of sanctions. We don't give a damn about sanctions. If we get sanctioned, we'd just shut down the company and open a new one."
In the past three years, the oil supply routes of Saudia Arabia were frequently attacked. The shipping routes across the peninsula (Yemen) started slipping due to Houthi rebels, supported by Iran.
It is no surprise the ''crypto'' alliance of Iran, China & Russia is eagerly growing with the current sanctions petro-dollar associates like Saudi Arabia.
Read more about the blockchain technology & energy sector.