Why Bitcoin is the Petroleum of Our Time
Tuur Demeester is an independent investor and newsletter writer. He has a background in Austrian economics, the school that specialises in the study of boom-and-bust cycles in the economy. Here, he compares bitcoin's disruptive potential in traditional finance to petroleum's shakeup of the whale oil industry in the 19th century. Today, I want to tell you the story of Charles W Morgan. Mr Morgan lived in the United States during the early 19th century and was a successful entrepreneur and investor. He was active in the energy market. Or, as it was better known in the day: whale hunting.....
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Black Rock Petroleum Company has entered into agreement with Optimum Mining Host to deploy and operate up to 1 million Bitcoin mining machines.
Last year, in June 2014, Kuwait Financial Center better known as Markaz released a report on bitcoin. The report titled - Disruptive Technology: Bitcoins, Currency Reinvented suggested the use of bitcoin as a mode of payment for petroleum trade. This report caused a lot of debate among economists and the bitcoin community. Even though Markaz's proposal sounds attractive, it is not a feasible option at the moment. There are number of factors that will hinder the adoption of bitcoin as a payment mode/mechanism for international trade. Creating petrobitcoin by removing petrodollar from the....
The investment firm already has significant exposure to gold, minerals, precious metals, petroleum, and other natural resources. Texas-based investment manager U.S. Global Investors, which reported $4.6 billion in assets under management as of Q1 2021, has bought exposure to Bitcoin.According to Aug. 30 filings from the U.S. Securities and Exchange Commission, U.S. Global Investors added more than $566,389 worth of shares of Grayscale Bitcoin (BTC) Trust, or GBTC, to three of its eight mutual funds as of June 30. The filings show the company invested $302,899 GBTC in its Gold and Precious....
While recent global headlines have been dominated by chaos in Chinese and US equity markets, currency markets have also been volatile. The Azerbajiani manat, the national currency of Azerbaijan, has lost nearly 32 percent of its value practically overnight due to the falling price of oil. On December 18, the value of Manat recorded an all-time low against the U.S. dollar since January 13, 2006, plummeting from 0.96 down to 0.65. According to the Observatory of Economic Complexity, petroleum oils and gas exports in Azerbajan generated more than $26 billion in income, accounting for more....
August 28th marks the day in which one of the earliest Bitcoin users passed away: Hal Finney. Finney was born on May 4th, 1956 in Coalinga, California. Born as the son of a petroleum engineer, Finney attended the California Institute of Technology where he graduated with a BS in engineering. Though his upbringing and origins […]