Cindicator Market Intelligence Says 6 Out Of 10 Analysts Believe Brexit Will Boost Bitcoin’s Value
62% Of Analysts Believe That Brexit Will Boost Cryptos, Cindicator Affirms
New research made by the market intelligence company Cindicator has shown that 62% of the specialists in the area believe that Brexit, the move of the United Kingdom leaving the European Union, will have a positive impact in the crypto market. Also, 74% of all the people surveyed in this new research are considering to buy cryptos.
Brexit’s deadline is today, but most analysts believe that this timeframe will be extended. In fact, only 19% of them actually believe that Brexit will, indeed, happen today. Also, only 22.5% believe that Britain will leave the EU without having a proper agreement first. This led 82.75% of the respondents to believe that we will see another extension.
In fact, Brexit is a mess. Theresa May, the current Prime Minister, has been working to approve a deal but failing at every attempt so far. In fact, the situation is so dire that some people are even reconsidering the whole idea.
Will Brexit Actually Happen?
Most people seem to believe that, yes, Brexit will happen… eventually. While there is a strong effort to simply make the whole idea go away and forget all about it, most analysts consider that overriding the decision made by the citizens of the country would not have enough votes to actually happen.
Brexit is mostly affecting the economy of the country in a very negative way so far and the Bank of England has recently affirmed that at least $800 million GPB weekly are being shed from the economy because of the decision, which was originally passed back in 2016.
In this timeframe of less than three full years, the GBP lost 5% of its value compared to the USD and 10% compared to the EUR. While it is hard to affirm that the price swing happened because of Brexit specifically, it may have been linked to it.
Will London Continue To Be A Financial Hub?
There are some doubts about whether London will retain its status as an important financial hub or not. Many companies have left the country. In fact, 275 financial companies have gone away since the Brexit was approved by the population.
If the movement continues and these companies remain on their exodus, London will certainly lose some of its status in the world. Germany and Ireland are receiving some of thee companies and they have been positively affected as many hedge funds are now based in either Dublin or Frankfurt.
Now, we can talk about Bitcoin. Disruption in the financial system is generally positive for Bitcoin and this is what is bound to happen if Brexit indeed goes all the way. As access to the international markets will be harder and the GBP will lose its value, cryptos could be benefited from this move.
However, despite 62% of the analysts being positive that this will have some real impact, 20% of them simply do not believe this to be the truth. They think that Brexit will not have any kind of impact on cryptos.
Post-Brexit Britain Will Be Friendlier With Cryptos Or Not?
The specialists are very divided among whether Britain will be more friendly to cryptos after Brexit or not. Most of them, 44%, do not believe that there was a real improvement about to happen. Why? Because the UK will lose several financial legal instruments by leaving the EU and this could cause a mess in the local financial system, which would be bad for crypto regulation.
There are some optimists, however, who believe that the country may pass some friendly legislation in order to attract more companies, something that France is doing at the moment.
Will Brexit happen? What effect will it have? We’ll discover all that and how it related to the crypto world very soon.