A new week begins in quarantine for the corona virus. And we find a surprising increase in the value of the PTR by the government. But we wonder how much a petro is really worth for this start of the week.
As we know, the Venezuelan government was the first in the world to introduce a state-owned cryptocurrency. This would be supported by a basket of natural goods such as oil, gold and diamonds following the multiple changes in his white paper. But reality has shown us exactly the opposite.
How is the Petro Award organized?
As we have expressed in various content, the price of the Petro (PTR) does not really appear to be anchored to any of the natural resources identified in your white paper. It is therefore important to ask yourself at the beginning of the second week of May how much a petro is worth.
In this fateful year 2020, the price of the WTI oil price index reached a negative level for the first time in human history. This led to a variation of more than -300% and a negative trend of all world oil prices within a few hours.
In the meantime, the gold price had also dropped slightly and recovered again, which was not so important compared to oil.
At the same time, one could have assumed that the price of the Petro had varied, but not even that its price had risen. This shows that the Petro is not following the current price of the assets in which it is to be anchored.
How much is a petro worth for this start of the week?
So that tells us that the price of a petro is not determined by the variation in natural resources, but by the decision of some bureaucrats from the Venezuelan government.
Therefore, the price that the official Petro website tells us is not the real price, at least we believe it.
According to the official Petro website, their value is today::
- $ 58.88
- € 54.45
- 0.00613637 BTC
- 10,778,092.73 bolivares
But if that’s not a value, which one will it be? We have no choice but to abide by the laws of the free market.
“The price of a product is the one voluntarily agreed by the provider and the applicant.”
Then we will go to a market where this can be achieved. We already know that it cannot be on the official Petro website as the price is set here by the government and not by the free market.
The reference market that we will use is Localbitcoins.com, where we know that both bidders and applicants reach an agreement. In LB 1 Petro or USD 30, which is almost a 50% discount to the Venezuelan government.
How much is a petro worth at the beginning of the week? The answer is what you are willing to pay or get in a free market, and today that’s $ 30.