Our COO & Co-Founder, Sukhi Jutla, was recently quoted in Finance Magnates article ‘Calamity or Opportunity? The Effects of Brexit on Crypto’.
She said: “With Brexit still very much a hot topic it continues to cause many fractions between people and their opinions. No doubt there is no shortage of fear-mongering by those who want to stay in the EU and there is still a lot of indecision by those who are meant to lead us out of the EU on time and budget. And against this background of chaos, there are plenty of individuals and businesses who are trying to predict what the real impact of Brexit will have on them and their business and livelihood.”
She added: “Historically in times of uncertainty and chaos, many people will rush to the safety of commodities such as gold. This is why there is little surprise that the price of gold has been inching up daily. Gold is seen as a safe haven, a way to minimize risk by putting your eggs into a safety basket. Gold is real and it is a store of value.”
“Could this then be why the price of Bitcoin will also start surging as we head closer to Brexit day?,” Jutla asked. “Bitcoin, a digital currency still in its infancy has defied critics to become a well-respected store of value. Though there is still a lot of contention between governments not recognizing it as a currency, they have relented and agreed Bitcoin can be seen as a store of value.”
She concluded: “With the uncertainty still surrounding Brexit, we will continue to see erratic behaviour across the money markets and this will also include the value of the pound. In this case, I predict there will a flurry of activity in the gold and Bitcoin markets, driving both of these assets market prices upwards. In times of chaos and uncertainty, we think we do the most logical and rational things, but all we do is panic in the face of fear and this will cause the price of the pound to plummet.”
Read the full article here.