The brexit has been a emotional journey for many especially citizens of the country However waking up to a leave decision on Friday, many were left devastated as Britain’s exits from the bloc was made official. While it may be 5 years before any real change is seen the British currency has been the worst to suffer, Falling to lows seen only before 30-40 years, the sterling is now worth just 1.32 USD.
Shares and markets have been thrown into turnmoil amid the political crisis and as the sterling melts, the bitcoin remains stead fast. Once again showing its promise as a replacement for fiat, bitcoin has remained stable and is currently increasingly being used as an alternative to GBP. People seek to safeguard their assets and as the decentralized nature of Bitcoin prevents political interference it has remained oblivious to many real world regulations.
Impact on Sterling
The GBP has historically remained a very strong currency due to its purchasing power in former colonies. Political relations are also a huge influence on GBP prices and can be seen mirrored in Nigeria too, as oil and politics collide resulting in volatile exchange rates. As banks are forced into a corner, it’s not surprising the majority of consumers are turning to bonds and gilts as investment options and while these do provide some security Bitcoin has been associated with stability and growth allowing returns to be seen on investments.
Bitcoin an ideal replacement ?
To conclude as the politics get heated, the economy of the UK is the one aspect most affected. The pound in its weakest state remains stable against the Euro but an increasing use of Bitcoin reveals the sheer drop in confidence in fiat. Currently being bought on a massive scale in China too, the coins potential is growing by the day and you too can grab some Bitcoin via Nariaex.com to see for yourself!