Brexit’s Uncertainty: Why Bitcoin’s Price is Set to Reach Record Highs by October 31st?
Bitcoin (BTC) has long been referred to as a ‘safe haven’ asset, protecting investors’ wealth in times of global uncertainty.
In recent times, the pioneer cryptocurrency has witnessed growth (in adoption and value) in countries with geo-political and social issues such as the recent boost in price following the ongoing U.S-China trade war.
On October 31st, the world awaits on Britain’s official exit from the European Union (Brexit) with much uncertainty which gives BTC a significant chance to push towards its all-time high levels – especially if a ‘no-deal’ Brexit happens. Is this the perfect time to buy Bitcoin?
A no-deal Brexit could be fatal to financial markets
Most economists in the country are predicting a failure in the financial system once the Brexit process completes – without a deal.
To counter the impact expected on the financial market, Michael Gove, a conservative politician, is calling for November 1st to be a “bank holiday” as a cushion for a potential fallout in the country’s financial markets. The chances of the banking markets being closed are however negligible as it goes against the government’s policy.
However, a no-deal Brexit – which Prime Minister Boris claims is “vanishingly small”– may cause a frenzy in the financial markets.
If Britain were to leave the European Union with no deal, British citizens that currently reside in the EU may not have access to their bank accounts. Furthermore, over 1 million EU citizens residing in Britain will not be able to take out a loan or make deposits to their British accounts.
Perfect time to buy Bitcoin?
Bitcoin provides the one million EU citizens in Britain a quick, secure and fast way to access their funds without limitations from a no-deal Brexit. Furthermore, the uncertain state of the British Pound and Euro currently gives investors reason to purchase Bitcoin.
CEO of blockchain firm CommerceBlock, Nicholas Gregory predicts the value of BTC will reach all-time highs in case a “no-deal” Brexit is reached. He said,
“Bitcoin has rediscovered its mojo this year with multiple mini surges but a no-deal Brexit could see a massive and unprecedented breakout.”
Bitcoin’s price is $37,394.59 BTC/USD exchange rate today. The real-time BTC market cap of $695.24 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $15.65 Billion and live coin value change of BTC 3.34 in the last 24 hours.