Gemini co-founder and tech mogul Cameron Winklevoss urged Iranians to invest in Bitcoin rather than Oil.
Winklevoss advised on Twitter, mentioning that Oil is not a reliable store of value. The tech guru made this statement after the President of Iran Hassan Rouhani urged citizens to invest in the country’s Oil.
— Cameron Winklevoss (@winklevoss) August 12, 2020
Winklevoss was quick to point out flaws investing in Oil. Rouhani in a national broadcast told Iranians US dollars and gold are not places they should be investing.
The president preached that oils and Iran’s stock market are where citizens should invest their money. The Asian country has had its economy shambled by the COVID-19 pandemic, sanctions from the US and reduced oil demands.
Demand for Oil in recent time has reduced owing to the pandemic according to the Organization of the Petroleum Exporting Countries (OPEC). However, it is not enough reason for Rouhani to pre-sell citizens 220 million barrels of Oil according to Reuters.
Why Bitcoin investment over Oil?
Bitcoin, since COVID-19 pandemic began to ravage, has recovered its price and is now surging to new highs in 2020.
Oil, however, has struggled to recover its price since the April crash. Bitcoin, on the other hand, has hit an all-time high with gold as traditional markets sank this month.
Bitcoin, Oil has declined in price. However, the digital asset has recovered now standing at $11,594, according to CoinMarketCap.
India, US 2020
Before the COVID-19 pandemic, the Indian economy has continued to suffer. The country’s row with world superpower US has left it in an oppressed position to lick its wounds after a fight only for the pandemic to compound to the woes.
US and Iran were at the verge of starting what could have been a lead to lead to world war 3. This action has had its toll on the Iranian economy alongside economic sanctions against the Gulf nation.
However, towards avoiding any form of warfare among both countries, the US said they were ready to engage without preconditions in serious negotiations” with Iran following the countries’ exchange of hostilities.