Over the past decade, we have seen that economic hardship which is often driven by trade wars and political divisions – is what is driving more investors into safe haven assets such as gold and Bitcoin. The latest cryptocurrency news bring a research which shows that Britain’s Brexit could boost Bitcoin investments but also trigger the blockchain startup climate.
The deadline for Britain’s exist from the European Union approaches which means that the political squabbling is more and more intense. The infighting between politicians who want to remain and those wanting to leave the EU has gone on for three years and caused more economic damage and uncertainty than the actual event.
The media (including many best cryptocurrency news sites) is also divided. Forbes, for example, said that Brexit will cause a “Bitcoin and blockchain nightmare for London” in a recent article. The media giant also added that the increased regulations and impeding departure could spell doom for blockchain and crypto startups emerging on the vibrant London fintech scene.
This week, the president Boris Johnson spoke about the possibility of a ‘no deal’ Brexit which further fuelled the uncertainty for businesses. As it stands now, Brexit could boost Bitcoin mainly because of the limited access to the European corridor. Furthermore, a currency crash would be good for Bitcoin.
“If fintech businesses in the U.K. can’t access international individuals working in areas such as machine learning, artificial intelligence and blockchain as easily after Brexit, this could cause a contraction in the sector because currently, up to a fifth of the skills used by the fintech sector in the U.K. have come from the EU,” is what the Changing Europe research group spokeswoman Sarah Hall noted.
So, it is safe to say that Brexit could boost BTC and blockchain adoption. In times when the GBP is hitting fresh lows and when UK businesses are in awe as the Brexit date approaches, Bitcoin is here to present itself as a safe haven asset. Even though the cryptocurrency’s volatility has been there all year long, the current levels indicate that Bitcoin is stable and at a point where it attracts more and more investors.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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