Crude oil, the black gold has recently experienced its lowest price, with one barrel clocking in below zero dollars early this week. In fact, the world’s largest crypto token is now worth more barrels of crude oil. 

This latest price crash in oil is the lowest since WTI (US West Texas Intermediate) contracts began in 1983. While the downfall of oil price represents the impact of the coronavirus pandemic, bitcoin proponents are not leaving any stone unturned to define the existence and the benefits of digital currency. 

One such bitcoin advocate and billionaire, Cameron Winklevoss criticized the US dollar, Gold along with Oil and added, Bitcoin is the next best option. He tweeted as follows:

Besides Cameron, analyst, and host of the Keiser Report, Max Keiser viewed the whole scenario as a “paradigm shift”. He stated:

"I think the world is experiencing a paradigm shift away from oil so the historic highs we’ve seen in price might never come back."

Moreover, the crypto analyst Peter Brandt who is majorly known for his price prediction about Bitcoin viewed that "Books will be written about today”. 

However, he also added his broad view about the ongoing market sentiment, noting bitcoin will remain as a store of value. Further, he raised a concern on ‘whether bitcoin is living up to its high expectations’ remains unclear. 

“I understand the bullish narrative for $BTC relative to the: Fables of the Feds and their Frivolous Fiats The argument for the moon makes sense. My only question is whether Bitcoin is actually living up to its high expectations. This question does NOT make me a hater.” 

While the May 2020 Futures contract for WTI crude oil dropped more than 100% on April 20, the crowning cryptocurrency, Bitcoin is valued at $6817 against USD, showing a quick decline of 4.74 percent within the past 24 Hrs. 

It’s also worth noting that the price of Bitcoin also plunged a little as the token was trading at $7000 before standing at a point of $6800 figure.