The price of Us oil, WTI, is still recovering. But, what happens with the only criptomoneda state of the world that it is supported on the oil?, how much are you negotiated the price of the Petro this Sunday? As we well know, the Petro ₽ (PTR) is the criptomoneda state of Venezuela, launched in the year 2018. This is not a criptomoneda that respects the free market as such. Because its value is not as volatile as the price of Bitcoin (BTC), nor as stable as the one Stablecoin. Its value, according to tells us your White Paper and the same government of Nicolas Maduro, is based on the huge reserves of gold, diamond and oil that has the rich subsoil of venezuela. Although in reality, to talk about how the price of Petro is somewhat complicated. Since it is not volatile as Bitcoin, nor stable as a Tether, nor moves with the variation of prices of oil, gold or diamond. The only option left to us then, is that its price is fictitious and arbitrarily chosen according to the benefit of the government.
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The value of oil and its relationship with the price of Petro
From the historic drop in the index prices of West Texas Index (WTI) to negative values, their price levels in the contracts of 30 days has not done more than increase. Currently this is located at $22, a little below its value before the collapse, which represents an increase of over 300% in a matter of days. Meanwhile, the other indices of oil prices, as the Brent, have presented small variations on the downside. Driven mostly by the same problems of over supply and low demand that has caused the Coronavirus. We might think that the price of Petro, a crypto asset which its value depends on the reserves of oil in venezuela has been affected by the crisis current oil. But, is it true?
What a stablecoin, a criptomoneda or a political weapon?
Therefore, the next question that presents itself to us: how much are you negotiated the price of the Petro this Sunday? Well, according to the official page of the PTR. The price of Petro today is: 10.097.663 Bolivars 54,53 Euros58, $ 85, Taking the price of the u.s. dollar, but, placing us a few days in the past, when the price of oil WTI was located in terrain negative. The price of Petro is located in $58,71, which represents an increase of only 0.2% today. Meanwhile, in localbitcoins.com we can find the Petro at a great discount price, only $25 per token PTR. This indicates to us that the price of Petro is overrated by the mainstream media, and the public is willing to give it away for half its value. In part, due to the limited usability that exists for this criptomoneda on the part of the majority of the population. The majority of the venezuelan people, change immediately your petros for bolivars on the same platforms of government. Of course, those who have been able to do it, since the platforms present endless failures and work to be able to do so.