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Digital Currency Revolution: Bitcoin For Brexit
Bank of England’s rate cut hopes, Brexit transition, and Geopolitical issues are the three key factors that keep bitcoin as an alternative option for the Brits.
Amidst the lingering geopolitical turmoil, Brexit has been an ongoing and prolonged saga in EU.
We, recently, witnessed a new prime minister Boris Johnson assuming the office in Britain. Soon after he has been handed the unenviable task of guiding the UK through Brexit, coincidentally the economic unrest has caused the mounting interests for bitcoin.
Domestically, against the backdrop of rising expectations of a BoE rate cut at the end of the month, no-deal Brexit would shake confidence in the pound, deal or remain would strengthen the pound.
While the UK stock market shrugged off Brexit apprehensions during 2019 to post its best year since 2016, but the sustenance of this rally in 2020 seems to be little dubious on above-stated factors.
For the market the signing of the phase 1 deal yesterday was merely a formality, and so the reaction was minimal. But, any time, trade tensions could escalate in 2020, particularly if the US intensifies pressure on Europe.
The whole consequence of pragmatic Brexit might be a strengthening of the view that fiat currencies are inherently unreliable. While Bitcoin is the deal of safe haven for the British citizens.
One can observe bitcoin price (BTCUSD) has constantly been rising against major fiat pairs upon the constructive fundamental driving forces coupled with the lingering safe haven sentiments in geopolitical turmoil. BTCUSD has reclaimed $9k mark (+2.46%), BTCEUR is also edging higher above 8,100 level (2.85%), while BTCGBP spiked above 6,900 levels (+2.67%).