Cost of Oil in Bitcoin (BTC per Barrel)

Using current price data, this equation calculates what a barrel of Brent Crude Oil would cost if its price were denominated in Bitcoin (BTC). 

In the not-so-distant future, one of the most sought-after commodities on the planet is likely to be priced using one of the planet's hardest assets!

It has not happened yet, but Russia has said that it might be willing to accept BTC as payment for oil.  The petrodollar system could be fading as the United States continues to weaponize its dollar against Russia.  No doubt that other countries like China are paying close attention and are likely to hold less dollars on reserve.  Many nations have long desired for commodities to be traded with a nation-neutral currency.  Sooner than later, energy (oil) may be priced in gold, but there's also the possibility that It could be priced in BTC. 

As the United States and other countries continue to print money and inflation sets in, it is easy imagine a world seeking hard assets that don't require them to put their trust in governments.  Monetary debasement will continue, and the trust in the value of USD could erode.  Both Bitcoin and gold could be the currency for which commodities trade.

See Also:

Cost of Oil denominated in Gold (Gold per Barrel)