This Monday, April 20, we saw a new historical record for oil, and not a positive one: the price fell 305% according to the West Texas Intermediate (WTI) reference, which left supply contracts for May. $ 37.63 a barrel. In short, the oil went to zero and above and entered negative values.
Given this, it’s more than troubling that the price of the Venezuelan regime’s cryptocurrency, the Petro (PTR), hasn’t just stayed intact. It has even increased on some national exchanges.
Remember that, according to your white paper, this alleged stable coin is anchored 50% in Venezuelan oil reserves, 20% in gold reserves, 20% in iron reserves and 10% in diamond reserves. For purely logical reasons, it should have reduced its value by at least half, but so far it has been the other way round.
On the home platform and petro calculator, which are the government’s official sources, the PTR maintains a value of $ 51 and $ 59, respectively, since its original price was $ 60 per token. So yesterday prices of $ 50 and $ 58 were reported The PTR even “officially” rose.
On the other hand, the price on the Cryptia and Banking exchanges has not changed and is positioned at USD 43 and USD 61, respectively. At AntwerpCoin, it rose about $ 0.7 compared to last week, although it is trading at only $ 10.7. Criptolago was the only exchange to report a drop in the price of the PTR, but only by 35% compared to last week: it is currently trading at $ 10.3.
For the Twitter information account @PetroDivisa, the cryptocurrency is $ 59, while many users wonder where this price comes from as the oil has collapsed and the PTR is not widespread in the country, much less outside.
Good morning, brother, can you explain the logic behind keeping Petro’s price at this level? When the oil falls, the petro should fall, something in relation to the 50% of its value the oil receives. Gold rose and diamond alike. But if the oil sinks, it has to sink
– Y〽️ilanetto (@robinmanblade) April 21, 2020
You’ll excuse me, but how come the Petro stays at 7MM when it’s anchored to a barrel?
– Origamy (@ORIGAMYSS) April 21, 2020
From CryptoEx, AFX and Cryptoworld, the other exchanges licensed by the National Superintendency of Cryptoassets and Related Activities (SUNACRIP) in Venezuela, we were unable to obtain data on the purchase price of the PTR.
reason to worry
Contrary to what might be thought at first glance, Petro’s slight variation is not good news for its owners under the circumstances. As mentioned earlier, the PTR is a centralized cryptocurrency that is fully controlled by Nicolás Maduro’s Venezuelan regime.
Your trade is also fairly opaque: Neither the government nor the stock exchanges reveal their volume publicly. It is not possible to know whether they are processing millions of dollars a day or zero because they have no APIs to confirm this information. And that’s not the only concern that has arisen regarding these national exchanges, of which very little is known.
For comparison, we can mention the behavior of the PetroDollar cryptocurrency (XPD), the price of which is anchored at a ratio of 1: 10,000 in oil barrels, which means that 1 XPD corresponds to 1,000 barrels. Accordingly, the price of this asset is nowhere near $ 60 the PTR: currently, according to CoinMarketCap, it is $ 0.016 per token.
In fact, it has seen a drop of 27.2% in the past 24 hours before reaching its current price. Of course, this is a negative thing for the currency, but at least it’s behavior that fits the circumstances. On the contrary, the Petro It doesn’t prove very well that its value comes from what the Venezuelan government claims to be from there..
Then where does the PTR price come from? Does the regime create it by hand? This is a fact, the answer of which is still pending.
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