Bitcoin is crashing because everyone is moving into Uro
Well, that's a little far fetched, but if URO does actually succeed it might hurt Bitcoin for real. Here's why. Right now there's no coin backed by large volumes of a real commodity. So, even Bitcoin is essentially backed by nothing. If URO succeeds it'll show the success of commodity-backed crypto, creating more cryptos for other commodities. At this point the crypto community as a whole would turn away from the unbacked coins to include Bitcoin itself.
First . let's look at the numbers.
Bitcoin trade volume in 24h is close to 200 000 coins.
Uro is 36 btc.
https://bitcoinwisdom.com.
Second you have no idea what backed is.
To back uro with urea you need a central foundation to hold x tons of urea similar to the number of x coins in the market and be ready to switch them at any time.Clearly not the case here.