Oil Prices Rise, But Why Is Bitcoin Still Below $65,000?

The price of Brent crude oil has reached $76 a barrel after falling from its peak in March. Despite this, Bitcoin remains below $65,000.

This may seem counterintuitive, but experts point to the Federal Reserve's unaccommodating posture as the reason for Bitcoin's stagnant price. The central bank kept interest rates unchanged and hinted at future rate hikes, which is bad news for high-risk assets like Bitcoin that don't produce a yield.

The expanding money supply is another key factor in Bitcoin's value. Since January 2009, the U.S.'s M2 money supply has increased by 178%, providing liquidity that can support a higher price decades into the future.