Bitcoin Now Buys 600 Barrels of Crude Oil as Prices Fall Below Zero

A single Bitcoin (BTC) now buys over 600 barrels of crude oil as an unprecedented sell-off takes BTC purchasing power sky high.

According to data from monitoring resources including Bloomberg on April 20, futures for a barrel of WTI expiring in May shed 36% on the day.

BTC holds $7K as oil turns back clock to 1983

At press time, the contracts were worth $11.37 — heading for their lowest since inception back in 1983.

Despite attempts to cut supply, it appears oil markets may well fulfill the prophecy of Bitcoin proponents and fall to $10 per barrel or lower.

As Cointelegraph reported, even United States President Donald Trump forecast a barrel changing hands for $9, at the time seemingly unfazed by the prospect.

WTI crude futures 1-day chart. Source: Bloomberg

At the same time, the gap between May and June futures has widened, indicating that despite the rout, belief remains that a major bounceback will occur.

That wasn’t enough to avoid some unlikely scenes elsewhere in the oil market….