Brexit will have a huge impact on Bitcoin price making it surge to 1 million pounds says a crypto analyst and explains how.
At the time of writing bitcoin is trading in the range of £7,150 and a surge to £1 million would be a long way to get there. However, Josh Riddett, CEO of Easy Crypto Hunter, is optimist that it is possible.
Riddett said that people tend to invest in gold and other precious metals in times of uncertain financial situations.
And Brexit is really a situation where the outcome is uncertain adds Riddet who believes that bitcoin is recognized as an international safe heaven.
This is because bitcoin is geo-politically decentralized and when Brexit happens in 2020 more people will be inclined to invest in bitcoin because it will be not affected by the country’s political drama.
Video source: express.co.uk
Another crypto expert William Thomas, CEO of peer-to-peer exchange Cryptomate thinks that a no-deal Brexit would be positive for bitcoin.
In an interview for bitcoin.com, Mr. Thomas said that in the case of no-deal Brexit:
“there will be substantial uncertainty within British and EU financial institutions.”
”I would expect to see some upward movement on BTC/GBP markets shortly after the deadline, but since the British pound is a small portion of global crypto volume it may not have a large overall effect on price as some have predicted.”
“It will, however, have a positive impact within the British market, but the degree of which this will affect the global cryptocurrency markets is speculative at this time.”
With a political election approaching, a no-deal Brexit is more probable according to the polls.
Mr Thomas concluded: ”It’s my personal belief that a no-deal Brexit would be a huge positive for the UK cryptocurrency industry in the long term, as it enables us to create our own regulatory systems without interference from the EU – who are much less friendly to the industry as a whole compared to the UK.”