Bitcoin Price down, but Gaining Popularity in the UK after Brexit

Bitcoin Price down, but Gaining Popularity in the UK after Brexit

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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 said:

Bitcoin is effectively becoming digital gold… You can continue to see further validation of bitcoin as something detached from a centralized government that allows people who work to preserve wealth in a secure way.

Jesse Powell, head of San Francisco-based digital exchange Kraken agrees:

There’s an advantage to having a currency that isn’t political, isn’t tied to a government and not subject to these kinds of things happening… It’s purely governed by math.

Of course, while many seem to be losing faith in the Pound as Bitcoin continues to gain strength in the financial markets, experts are not suggesting the sale of fiat currency in favor of the cryptocurrency due to the fact that it is highly volatile and has many limitations as to how and where it can be used.

Powell says:

I wouldn’t tell anybody to put their life savings into bitcoin because that could just as easily be wiped out… Think about it in terms of diversifying your portfolio. If you have investments in gold or an index, maybe think about bitcoin or cryptocurrency as an asset class you want to have some money in.

Resident BTC price analyst Venzen Khaosan recently wrote:

The BTC price chart remains in slumping mode and continuing decline is inevitable, yet, interspersed with crosscurrents. Best to sit out until a clear signal becomes evident in the charts…Speculators should consider keeping funds allocation at 40:60 BTC vs fiat until we see a confirmation of a return to uptrend.

Featured dimage from Shutterstock.


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