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#Bitcoin could be answer to #Brexit : EU Reporter China

#Bitcoin could be answer to #Brexit

| September 9, 2019 | 0 Comments

By EU Reporter Correspondent

It’s almost getting impossible to move around the internet without bumping into another article or post about Brexit. However, unlike many of the other doom-and-gloom posts, there is some positive news if you are a Bitcoin enthusiast.

In June 2016 when the UK democratically voted to leave the EU, the pound started its journey of a steady decline, which after some periods of stability, continues to sink in value. However, at this time when the pound began to fall, something else was happening in the crypto world. Bitcoin began to rise. In fact, it rose around 50% of its then market value and has grown in value extraordinarily ever since.

With that in mind and the do-or-die date of 31st October looming ever closer, will Bitcoin rally again? It is possible and it may be time for UK citizens to improve their knowledge of cryptocurrency and register at Luno for a bitcoin wallet. Let’s take a look at what may be in store for us all.

London is a talking point

If no deal is achieved there is potential for London to lose its title as one of the financial hubs of the world. Banking headquarters and fintech companies are likely to look elsewhere to set up camp which allows them to trade with EU countries and the countries they have trade deals with easily and more affordably. It may be that Bitcoin can rescue London’s status and help the UK in general if crypto regulations are finalised, allowing businesses to take advantage of one of these digital and borderless assets. Crypto regulation is in the pipeline, but the UK may want to speed up its implementation.

No deal increases Bitcoin interest

If Prime Minister Johnson and other EU leaders are not to shake hands and agree on an alternative to the sticking point of the negotiations – the Irish backstop – this may work in the favour of crypto and particularly Bitcoin. The pound may become turbulent if the previous scenario plays out and that means investors will look elsewhere and diversify their portfolio. Even investors who have not considered crypto before may start to increase their attention in that direction. Bitcoin is the likely choice considering its status as the most valuable and most recognised crypto. Even non-investing types may decide to switch their fiat currency for Bitcoin.

In times of crisis, crypto has become somewhat of a safe haven for citizens. More often than not this occurs in countries with exceptionally poor economics and countries that are in the middle of hyperinflation or low living standards. The escape route remains there for UK citizens too – if they choose to!

Nobody can know for certain if Bitcoin will be a pillar that keeps the UK afloat come the end of October, but there is a strong chance that it could help the UK economy once they are standing alone with no trade deals ready to implement and a crumbling native currency.

Source:: EU Reporter Feed

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