[vc_row][vc_column][vc_paragraph text=”Are there cryptocurrencies backed by oil and correlated to barrel’s price which would enable to invest in oil while purchasing the asset? “][/vc_column][/vc_row][vc_row][vc_column][vc_heading title=”Token backed by “black gold”- is a myth” size=”medium”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”The answer to this question is complicated. “][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Above all, we should say that today there is no decentralized token which would enable investors to speculate on “black gold” cost.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”But currently the project with the initial name PetroDollars (PDX Coin) is being implemented. “][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Its aim was to enter the ICO market in 2018 but after its name had been changed it was delayed until summer, 2020.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”The project seeks to create a digital currency backed by oil and gas but it is still under discussion.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Apart from PDX Coin, there is another toked traded on YoBit. This is PetroDollar (XPD) but it’s rate does not depend on oil value, and it is quite volatile in reality.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”For instance, in January, 2018 it costed almost $8 cents but in August of the same year collapsed loosing over 90%.”][/vc_column][/vc_row][vc_row][vc_column][vc_heading title=”Petro as an oil backed crypto” size=”medium”][/vc_column][/vc_row][vc_row][vc_column][vc_single_image image=”1132″ img_size=”full”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Currently the only digital currency that is officially backed by oil is Venezuelan Petroleum, thought it is not a real crypto since it does not have a public blockchain and is not traded on any exchange.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Indeed, Petro does not even have a public price apart from the price dictated by Venezuelan government.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”This is why it cannot be used for crypto investments in oil, and also there is no certainty that its true market cost corresponds to the barrel of oil. “][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Many experts consider Petro a usual fiat currency just similar to hyperinflated Venezuelan Bolivar. This means that no matter what government does to attract people’s attention to it it should not be taken as a coin backed by “black oil”.”][/vc_column][/vc_row]
