Gary McFarlane, cryptocurrency expert at UK investment platform Interactive Investor, provides his thoughts on Brexit and bitcoin while canvassing the views of other experts.
In this great InsideBitcoin.com article “How Will Brexit Impact the Pound and Demand for Bitcoin?”
Our COO and Co-founder Sukhi Jutla is amongst great experts sharing their thoughts on the subject. Sukhi says:
“A digital currency still in its infancy, Bitcoin has defied critics to become a well-respected store of value, not dissimilar from commodities such as gold. Historically, in times of uncertainty, many people will rush to the safety of commodities. This is why it is hardly surprising, as Brexit looms, that the price of gold has been inching up daily. Gold is often thought of as a safe haven, and a way to minimise risk. It’s real, liquid, and a store of value. Bitcoin is on a similar trajectory; although there is still a lot of contention between governments about whether Bitcoin can be viewed as a real currency, they have relented and agreed that it can be seen as a store of value.
So, with the value of the pound likely to plummet when we leave the EU, I anticipate the price of Bitcoin will only surge. It is seen as a store of value, which can be traded quickly. Though there is an increasing number of businesses that are now accepting Bitcoin as payment (think Brewdog Beer or digital books from Publica), it is still seen as a stable and reliable medium of exchange.
In the coming months, we will continue to see erratic behaviour across the money markets, most notably the value of the pound. With this in mind, I predict there will be a flurry of activity in the gold and Bitcoin markets, driving both of these assets market prices upwards, and providing a flight to safety in the event of Brexit.”
Click HERE to read the article
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InsideBitcoin.com Quotes MarketOrders COO about the impact of brexit on Pound and Demand for Bitcoin
