The Fed is devaluating the dollar by making more money out thin air. Simple supply and demand. ANYONE who owns dollars loses purchasing power.
Bitcoins use energy to "mine", oil can be used for energy.
Bitcoins require a centralized common market to efficiently trade, susceptible to hacking. Oil requires a centralized common market to trade, susceptible to hacking.
You can give someone bitcoins for a product or service if they accept bitcoins. You can give someone oil for a product or service if they accept oil.
Bitcoins are priced in fiat currency. Oil is priced in fiat currency.
* The energy used to mine bitcoins is lost forever. The energy in oil is waiting to be used.
* Bitcoins have a limited quantity by design and a lot of people ("early adopters") have a lot of cheap bitcoins. Oil is, for practical purposes, unlimited in quantity. Some governments and kingdoms inherited a lot of oil for cheap, but you can't just create a new type of oil and make a few million of them only to sell for billions 4 years later.
* You can give someone bitcoins in a decentralized way. Unless you signed a contract with a real identifiable person with real assets and who lives in a country that abides by the rule of law, you have no way to force the person on the other end to give you what you paid for with those bitcoins. With oil, such a transaction is not possible. So, you have "more choice" with bitcoins!
Actually, that is not really a problem. China simply considers bitcoin officially a commodity instead of a currency. The problem with bitcoin is its increasing difficulty to mine, not regulations.
Reality check: neither the S&P nor Nasdaq finished at all-time closing highs.
Even at the current price, the marketcap of the entire bitcoin market is about 3 and a half times less than LNKD's market cap...