Trump Hints at $9 Oil Drop After Advertising Bitcoin
After mistakenly advertising Bitcoin (BTC) in one of his press briefings, U.S President Donald Trump has now hinted at a potential oil price crash. Trump expects oil to crash to around $9.
In one of his briefings, Trump reiterated that oil prices would continue to drop.
“I see the prices falling to $9,” Trump said.
He was speaking following reports that both Russia and Saudi Arabia plan to increase oil production this month in the wake of a decrease in the demand for oil caused by coronavirus. In the past 30 to 45 days, WTI crude prices have lost more than half of their prices.
“Look, it’s $22, but it’s really much cheaper than that if you want to negotiate — nobody’s seen that,” Trump told the press. “That’s like from the 1950s, it really is — to think that it was $50, $60, $70, $80 — and now it’s $22, but you know, if you put a good bid in at $9, I think you could probably get what you wanted, right?”
Oil prices have stayed above the $10 mark in recent times. In fact, it was back in 1998 that the price fell close to $10.
On the cryptocurrency front, Bitcoin has limited its year-to-date losses to around 10%. On the other hand, WTI has lost almost 70%
All Or Nothing
Trump’s comments were ill-received following the turmoil currently faced by both the U.S. dollar and the Federal Reserve.
After the Federal Reserve said that it possessed “unlimited” money, Trump said that it was within the states’ power to make alterations infinitely, describing it as “our money” and “our currency.”
His words caused a stir among bitcoin supporters as the absence of any form of meddling in the money supply is one of the benefits of crypto over fiat, which in turn makes bitcoin a form of “hard” money.
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