Analyst: UK Brexit benefits the encryption market

Although the British Parliament is still in chaos in the face of Brexit, when the UK finally leaves the EU, this may be good news for cryptocurrencies. A survey conducted by the company's Cindicator on multiple analysts showed that 62% of respondents said that Brexit may boost the cryptocurrency market, and 74% said they would consider The cryptocurrency is added to its portfolio, while 44% believe that the UK will adopt a more developmental view of the encryption market after the Brexit.

Brexit-4166040_960_720

Image source:

Britain should have left the EU before the scheduled March 29th. But many people are very nervous and worry that the UK will "no agreement to leave the EU" without an agreement with the EU. If this happens, it will mean that the trade between the UK and the EU is suspended and there is no alternative. Both the pound and the euro fluctuated as the market reacted to the possible uncooperative Brexit. In contrast, Bitcoin has recently risen by 30%. Some analysts believe that Bitcoin is an alternative investment in French or Euro currency.

The current deadline for Brexit has been postponed to October 31. The UK is still likely to stay in the EU, but the British parliament is unlikely to overturn the 2016 referendum results (for Brexit), although it has caused enormous damage to the UK economy. According to the Bank of England, since the announcement of the referendum results, the British economy lost 800 million pounds ($1.045 billion) per week, the pound against the dollar fell 5%, and the euro fell 10%. In contrast, analysts believe that despite the continuing uncertainty of Brexit, bitcoin has generally shown an upward trend, and this year's increase has exceeded 50%. The Brexit seems to be bad news for the French currency; for the cryptocurrency, it seems to be good news.

Analyst Thomas Frey believes that the sterling and euros have been hit hard by the uncertainty of Brexit, and cryptocurrencies may be able to replace these fiat currencies. Cryptographic currencies can be used globally, which can help countries with financial problems to stabilize the economy.

"By 2030, cryptocurrencies will replace approximately 25% of the currency."

This is an interesting point of view, whether it is an accurate prediction of the future of the world economy remains to be seen. But in any case, Bitcoin and other cryptocurrencies will appear to be an important part of the future economy.