As Brexit Nears And Boris Johnson Enters Office, Bitcoin As A Safe Haven Flourishes

Brexit has caused plenty of disruption in Europe lately, and there are many people who are looking to find a way to protect their finances as the GBP loses value. Could Bitcoin help?

  • Bitcoin is becoming more popular in Google Trends in Britain.
  • Cryptocurrency could be a hedge for the issues involved with Brexit and the challenges of Boris Johnson becoming prime minister.

Political changes in the economy have a big impact on Bitcoin. Bitcoin offers a freedom that isn’t controlled by any single entity, and the restriction of these freedoms can greatly influence the people that end up investing in the industry.

Now, it appears that the implementation of Brexit and the entry of Boris Johnson as prime minister are making an impact in England. Reports from Google Trends show that the term “bitcoin” is gaining more popularity in searches, rising to the highest levels in the country in over a year.

Johnson has already expressed that he doesn’t plan to cooperate with Brussels, and ultimately “no-deal Brexit” would likely be the fate, failing other option, even though other politicians have warned that this stance would be a disaster. Realistically, with all of the years of division and infighting, the damage has easily been doled out already.

This situation has clearly been concerning for the economy, as the GBP has seen a dramatic fall this year. In the last six months alone, sterling has lost 7% of value against the US dollar. This week, it reached a 12-month low, dropping down to $1.238.

Right now, the idea that Britain will see better days is not exactly a priority. Instead, much of the attention is on the likelihood that the exit from Britain will likely happen with no trade deal in sight. Still, the European Commission is remaining confident in President Jean-Claude Juncker, making sure Johnson knows that it won’t be giving into demands for the withdrawal agreement to be renegotiated.

Even with fear-mongering reaching an all-time high, the country won’t exactly reach a stopping point. People still have to eat, businesses will likely continue, and the world will keep going. Even though the search for Bitcoin is pushing up higher around the world, the only place that appears to be higher than usual is Britain.

Whenever economic issues arise, people look for ways to hedge the effects on their own finances. Considering that Bitcoin can be used globally as a currency, it may be a good alternative for consumers that want to get through this difficult time, and Britain isn’t the only country to turn to it.

Other countries that seem to be sweet on Bitcoin are ones that are sanctioned by the US. Venezuela, for example, is using BTC in their payment of aeronautical taxes. Iran, China, and Russia are also interested in cryptocurrencies, considering the way that Bitcoin appears to be the saving grace for many other areas of the world that want to be a little more protected from issues in the economy.

Presently, the cost of Bitcoin is $9,471.07, dropping by almost 4% in the last 24 hours. Perhaps, as the changes get closer, Bitcoin will again rise above $10,000.

Bitcoin (BTC) Live Price

1 BTC/USD =$10,479.6921 change ~ -1.39%

Coin Market Cap

$193.77 Billion

24 Hour Volume

$249.52 Billion

24 Hour VWAP

$10.46 K

24 Hour Change

$-145.5911

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Krystle M
Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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