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Tuesday, 2 June 03:26 (GMT -05:00)

Foreign exchange market

Will Brexit Affect Bitcoin?

Some representatives of the international expert community assume that the Brexit is going to push Bitcoin higher, all the way up to new record highs in 2019. Nicolas Gregory, CEO of a blockchain company named CommerceBlock, is one of those experts. Not so long ago, he shared his standpoint with The Independent. He thinks that the Brexit may radically change the position of Bitcoin in the global economy and finances.
As you probably know, that the Brexit is coming, which has already made the British Pound drop against other major currencies, including the Euro and the U.S. Dollar. At the same time, Bitcoin skyrocketed from 4000 dollars in June all the way up to 12000 dollars at this point. It's still far away from the all-time high at 20K dollars but experts say that economic and political tensions may push the cryptocurrency all the way up to this level and even higher by 2020.
In his interview to THe Independent, Nickolas Gregory said that in 2019, Bitcoin was rediscovered as an amazing asset thanks to many new improvements but the Brexit may trigger an even bigger breakthrough. In particular, he thinks that the hard Brexit scenario, the one without signing a major agreement, will not only result in uncertainy and instability between some of the major currencies, but will also trigger a global identity crisis since it will show how unexpected situations may jeopardize major currencies.
Even though the BTC exchange rate is constantly changing, so,e investors think this is a safe-haven asset because of the limited supply. The absence of borders and decentralized infrastructure also make Bitcoin less vulnerable and sensitive about the situation in a specific country or market.
Nigel Green, CEO of Vere Group, called Bitcoin an asset avoiding security during times of market uncertainty, thus acquiring the status of a digital gold. The recent report published by Bloomberg seems to confirm that statement. The thing is the correlation between Bitcoin and gold has tightened over the last 3 months. This may well have to do with the trade tensions between the United States and China, NordFX experts say.
Long story short, Nicolas Gregory and his supporters belive that in 2020, a more populist and unstable world will only strengthen the status of Bitcoin and other altcoins as safe-haven assets, especially if central banks around the globe start printing money again. If to consider the fact that all cryptocurrencies are limited in volume that can be mined, each time major central banks start printing more fiat money, this brings us closer to a world without fiat money, where cryptocurrencies rule.





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