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The British pound slipped around 8% on Friday last week after the Brexit vote; however, Bitcoin surged around 9% demonstrating that the cryptocurrency is detached from a centralized government allowing people ‘to preserve their wealth in a secure way.’
Since the Brexit vote, the British Pound has slipped in value and now stands at its lowest since 1985, prompting a rise in the number of anti-Brexit petitions. While the price of Bitcoin may be down to around $631, at the time of press, from $675 after the vote, the future of Bitcoin is still gleaming unlike the fate of the Pound.
This moment is the type that many Bitcoin fans have been waiting for due to the fact that many critics of the cryptocurrency have criticized it as being a high-risk bet on unregulated money.
As Ashvin Bachireddy, co-founder and general partner at Geodesic Capital