During political instability, people would ditch fiat currencies and buy gold. However, British investors, who are caught in the middle of a hard Brexit, are now turning to the digital gold– Bitcoin. This tendency is already seen in some developing countries with unstable economies.
Plutus’s Danial Daychopan believes that traditional currencies are fully dependent on how people perceive the government and the country’s financial system. If things go haywire, people sell off fiat currencies and become a part of a decentralized digital economy and purchase Bitcoin. With Brexit talks being severely mishandled, this trend is only expected to continue, which would cause a significant damage to the pound sterling.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Arman Shirinyan
Dan Burgin
Vladislav Sopov