The market intelligence company Cindicator, conducted a survey which showed that 62 percent of analysts believe that Brexit could boost the value of cryptocurrencies since 74% percent of the polled parties are considering adding cryptocurrency to their portfolio. Let’s take a closer look at the collected data in the crypto news below.
The collected data shows that analysts believe the deadline for Brexit will be extended whereas 22 percent think that Britain will leave the EU without an agreement. There is a chance that the British government won’t take into consideration the voice of the people and remain a member of the European Union.
The economic impact of Brexit has been tremendous. The Bank of England shows that about 800 pounds a week are detaching from the national economy every week after the initial decision passed in 2016. The British pound lost 5 percent against the US dollar and 10% against the Euro.
According to Cindicator, more than 270 finance companies left London and many are preparing their operations for an independent Britain. London is still the most powerful financial city of Britain but this could change if the markets get strongly affect by Brexit. This is why Bitcoin thrives in moments like these. Spending the British pounds would become difficult for international markets and this is where BTC comes into light.
20% of the analysts think that Brexit won’t impact cryptocurrencies at all. Also, citizens of Britain have no trust in cryptocurrencies but they are however highly interested in them.
Post-Brexit Britain could turn out friendlier towards the regulation of cryptocurrencies. 44 percent of the polled analysts don’t agree with this stance:
‘’Almost 44% of analysts believe Brexit would not affect crypto regulation in the UK.Under a no deal scenario, withdrawing from the EU would lead to a repeal of the ECA. This would effectively remove 17,105 legal instruments across many areas of law, thus creating serious complications for the UK legislative system . After Brexit, the government would then need to focus directly on legal processes associated with traditional political, economic and financial issues.’’
How will Brexit turn out for every part of the industries, we will have to wait and find out.
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