Iran Urges People To Invest In Oil, Winklevoss Say Try BTC First

Iran urges its citizens to invest in oil in a scheme that will pre-sell 220 million barrels according to the latest reports, by the value of oil took quite the beating this year. However, the Winklevoss twins are saying that people should try investing in Bitcoin first so let’s find out more in the upcoming Bitcoin news.

Iran urges its citizens to invest their money in oil as the president Hassan Rouhani explained during a televised cabinet meeting that the US dollar and gold are not really the right assets to be investing. Oil, however, and stock market are. The economy of the country has been battered by the coronavirus pandemic as the US sanctions and the faltering demand for oil are crashing down. The oil demand took quite the hit due to the coronavirus pandemic as OPEC said in a report with the world demand expected to drop by 9.1 million this year.

Oil is not a reliable store of value. #Bitcoin.https://t.co/vhOi9hFskr

— Cameron Winklevoss (@cameron) August 12, 2020

The oil market took a serious beating when the expiring oil futures contracts that where scheduled for delivery in May in West Texas Intermediate dropped by more than 100% which caused the oil prices to hit zero. This however didn’t stop the Iranian government on Monday pushing the idea to pre-sell the citizens 220 million barrels of oil according to Reuters reports. With all the talk about oil, the Gemini co-founder Cameron Winklevoss to urge the people of Iran to explore Bitcoin first.

Bitcoin, much unlike oil, struggled to recover since the April crash but then made an incredible recovery since the crash right along with the stocks at the start of the year. The asset hit an all-time high along with gold as the traditional markets sank earlier this month. Both of the assets declined but Bitcoin is looking well standing at $11,594 according to the CoinMarketcap data. If the store of value is the goal, Rouhani should be urging the citizens to invest in Bitcoin first.

Iran announced that it will now allow the industrial-scale power plants in the country in order to operate as Bitcoin miners provided that they will not use the subsidized fuel. In a statement from the Iranian authorities, specifically the Islamic Republic News Agency, Mostafa Rajabi Mashhadi, the deputy managing director at Iran’s Power Generation, Transmission and Distribution Management Company said that the power plants in the country can mine cryptocurrencies such as Bitcoin “if they comply with approved tariffs.”