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June 18, 2019

Boris, Brexit and Bitcoin

By Jamie Crawley

Boris Johnson’s expected victory in the contest to be Prime Minister and the hard Brexit that could follow may be considered bad news for many, but not Bitcoin investors. That is according to deVere Group CEO, Nigel Green.

Ahead of tonight’s TV debate featuring Boris Johnson and his fellow candidates to be Conservative party leader, Mr Green states that the impact of a Johnson-orchestrated Brexit could be a boost for Bitcoin and other cryptocurrencies, as the pound continues to be hit by uncertainty.

“As Mr Johnson’s campaign moves up a gear, we can expect him to also up his hard Brexit rhetoric and this will likely drive sterling even lower.

“We are already seeing that UK and international investors in UK assets are responding to the Brexit-fuelled uncertainties by considering removing their wealth from the UK.

“One such way that many are looking to diversify their portfolios and hedge against legitimate risks posed by Brexit is by investing in crypto assets, such as Bitcoin.”

Financial consultancy deVere Group launched a crypto exchange in January 2018, and is generally bullish on cryptocurrency as an asset class.

Bitcoin boosted

Mr Green’s comments comes at a time when cryptocurrency is on the up again after a trying 2018.

Bitcoin recently hit a year-long high, and is currently showing stability above the $9000 mark, while sister currency Litecoin has also been soaring.

The crypto-asset market has also been buoyed by the news that Facebook is launching its own stablecoin, Libra.

“Crypto adoption is about more than money,” says Yoni Assia, CEO of eToro, on Facebook’s Libra launch. “It’s about global and local politics and the separation of state and money.

“It can be a powerful tool – hopefully for good. Facebook’s Libra could mean greater financial inclusion and greater access to the digital economy.

“This is seismic moment for global finance. It is the first time that we have seen a tech giant and one of the FAANGS make a significant move into finance using crypto by launching a decentralised, permission-less blockchain, which will be available to billions of people.”

 

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