Government Opinion

Brexit ‘no deal’ Will give Bitcoin a huge Boost

For the past two years, the United Kingdom has been in the process of negotiating better terms in its exit from the European Union. However, it seems like the UK will get a “no-deal’ exit from the EU since their negotiations have not borne any fruits. This means that the UK will not get better Brexit terms in terms of trade tariffs, which may cause severe ramifications on Britain’s economy.  

Market experts believe that the economic turmoil to be experienced would propel Bitcoin to new highs. Most investors already view Bitcoin as a haven for them to invest in when there is economic instability, and this could be seen from how BTC has benefited from the US-China trade war. Countries like Venezuela and Turkey have gone big on cryptocurrency because of their struggling economies too.

Since the election of Borris Johnson, the number of people searching for Bitcoin as significantly gone high, which indicates that more people are getting interested in BTC and may join the trade soon. According to Nicholas Gregory, who is the CEO of CommerceBlock, the mini surges that Bitcoin has been experiencing will get a massive boost if the no-deal Brexit occurs come the 31st of October this year.

“Bitcoin has rediscovered its mojo this year with multiple mini surges, but a no-deal Brexit could see a massive and unprecedented breakout,” Nicholas Gregory

However, it is essential to point out that it would take time before British citizens massively adopt Bitcoin. According to the UK’s top financial watchdog, only 30% of British citizens have an understanding of what cryptocurrencies are, while only 7% of the total population surveyed said they were open to trading in cryptocurrencies in the future.

Bitcoin Market Analysis

The top cryptocurrency is currently struggling to maintain stability on the lower percentile of the $11,000 bracket. On Saturday, Bitcoin experienced a sharp drop of about $600, falling from $11,900 to lows of $11,300.

The sharp drop that occurred just before Bitcoin could hit the $12,000 mark indicates that BTC traders currently lack the power to fuel Bitcoin past the $12,000 resistance level. At the time of writing, Bitcoin trades at $11,435.84 with a total market capitalization of $204 billion and a twenty-four-hour trading volume of about $15 billion.

As more countries face economic difficulties, we hope that the cryptocurrency industry will receive more attention and probably lead to significant price increases in the coins.

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coinmag

Daniel is an experienced writer with a keen eye on emerging technologies. He aims at educating the crypto community on the developments within the space.