Contradiction: The Petro rises while the oil barrel falls to zero

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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.

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.

Petro fall

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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As a leading blockchain and fintech news company, BeInCrypto always strives to comply with strict editorial guidelines and the highest journalistic standards. With this in mind, we always encourage and encourage readers to do their own research into the information contained in this article. This article is intended as news and is for informational purposes only. The topic of the article and the information provided may have an impact on the value of a digital or cryptocurrency asset, but is never intended. Likewise, the content of the article and the information contained therein do not intend and do not intend to provide sufficient information for a financial or investment decision. This article is not expressly intended as financial advice, it is not financial advice and should not be construed as financial advice. The content and information in this article have not been prepared by a certified financial professional. All readers should always conduct their own due diligence with a certified financial professional before making an investment decision. The author of this article may have any amount of Bitcoin, cryptocurrencies, other digital currencies, or financial instruments at the time of writing, including but not limited to those listed in the content of this article.



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