Several catastrophes are occurring around the world affecting the world and the situation descends upon to such a situation where nothing is safe except cash. Recently, Saudi Arabia slashed its export oil prices at the time Russia refused to support an Organization of the Petroleum Exporting Countries (OPEC) effort to reduce oil production just after bitcoin (BTC) prices dropped about 10 percent over the weekend.
Over the recent time Saudi Arabia made a drastic move harming everyone’s bottom line in an effort to get Russia back to the negotiating table. Actually, reconfiguring supply chains to circumnavigate the oversaturated market will be very stark and there is a little number of countries which are interested in using the bitcoin mining industry to turn cheap power into global assets and Iran especially wants to do so. But Bitcoin is deemed to be safe haven in time of any downfall.
Regulatory setbacks have led many bitcoin mining firms to stop their operations in Iran for example penalty fees for subsidized electricity. A panic is working among bitcoiners to turn surplus energy into bitcoin. Local industry lacks in connection to strategies for lessening a broader market crisis. On the off chance oil market continues coming down, it will lead Iran, Iraq and Venezuela to collapse and Iran is in a great trouble.
Even though bitcoin bulls remain unfazed, bitcoin will be a safe haven in the future. Some people will get attracted to liquid in a period of crisis and some people are being forced to sell bitcoin. Others argue that accepting a bitcoin strategy is in the best interest of any country highly engaged in energy markets. Bitcoin is yet an young asset and is not a full-fledged store of value on the other hand sovereign countries are searching for alternatives to settle energy market trades which make a contradiction indeed. Bitcoin being too nascent dismissed by several participants.