Amid the disastrous Brexit and rapid devaluation of the British pound, researchers discovered that a safe asset like bitcoin could have saved UK households US$1.5 trillion in total.
Credit Suisse, a multi-billion dollar Swiss financial company and banking group, recently revealed in an interview with CNN money that UK household wealth has declined by $1.5 trillion as a direct result of Brexit.
Almost immediately after Brexit was finalized, most financial investments and assets plummeted in value. The british pound reached a record low against the US dollar as well as other reserve currencies, decreasing from $1.5 to $1.2 within the span of 5 months.
The economic instability and financial turmoil in the UK triggered a domino-like effect on the country’s stock markets, as assets and stocks fell in value.
At the time, technology companies also expressed their serious concerns over losing a valuable user base and clientele in the EU. Several blockchain and bitcoin companies relocated to leading European countries including Germany and France.