Brexit and Cryptocurrency – the Financial Markets in the UK
Brexit is the much apprehended and feared revolution in the global financial market that many experts have speculated in detail to arrive at decisive conclusions. The separation of the UK from the European Union will provide it with a lot of autonomy and complete governance of its financial markets.
That can change a lot of things in the world of cryptocurrency as well as fiat currencies and banking in general. It provides the UK with an opportunity to introduce a cryptocurrency that is completely autonomous, decentralized, and anonymous. It can use the same currency to strengthen its financial market by a huge margin.
Not only that but all sorts of crises bring about an opportunity for internet based currencies to expand and grow. When fiat currencies grow weaker, cryptocurrencies face a higher demand and increased utilization for all sorts of purposes. Users invest in more liquid assets and cryptocurrency gets a chance to grow.
Bitcoin was therefore a top selling asset after Brexit came about, while euro and poundsterling both faced a lot of depreciation as investors were increasingly shy of putting their funds at stake by choosing a currency that is endangered by an ongoing crisis. The transition was something to be apprehensive and wary of, and attentions shifted to more liquid and secure currencies.
The populations of different European countries and the UK itself showed an increased inclination to invest in cryptocurrency to secure their money.
That led to a major depreciation for the currencies of the countries that took a part in and were affected by Brexit, while strengthening a cryptocurrency that provided people with an option to secure their monetary assets.
That is why all types of global issues like covid-19 and Brexit have an ultimate impact on the fiat markets which makes investments from there trickle into the realm of cryptocurrency eventually.