The gulf countries are known to be a hub of oil manufacturers as its components such as petroleum, diesel, kerosene have been exported across the globe. Iran has time and again urged its citizens to invest in oil as they believe it would be profitable for the citizens and the growth of the country as well.
In the recent scenario, the oil business in Iran has been struggling big time. As a result, the president of Iran Hassan Rouhani said during a televised cabinet meeting that the US dollar and gold “are not the places to be investing”—but oil and the stock market are.
The pandemic situation has seen crisis further outbreak in Iran with the economy of OPEC Iran being battered. Reports have suggested that the world demand of oil might drop by 9.1 million barrels per day this year.
But according to reports in Reuters, it did not stop Iranian government on Monday pushing an idea to pre-sell its citizens 220 million barrels of oil the energy exchange.
At the time of a crisis situation in Iran, Cameron Winklevoss gave his favourite cyrptocurrency a plug, and tweeted that ‘Oil is not a reliable store of value. #Bitcoin.’
The tweet has been sent out for one motive, that is to divert as many as citizens from Iran, to invest in cryptocurrency. Cameron clearly believes that Bitcoin will be a much more reliable store of value that Bitcoin.
Bitcoin is currently on a high around the 11,500 mark and there have been predictions about the king crypto to further grow and hit the $12,000 mark.