Bitcoin rises as the pound plummets

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CoinCorner’s CEO, Danny Scott, commented:

News of the falling Pound is obviously not good news for the UK and the potential repercussions of a “No Deal Brexit” are finally starting to emerge.

The last 3 months have seen the value of the Pound fall steadily to its lowest level since 2017, while the value of Bitcoin, on the other hand, has continued to rise (+180.7%). It’s likely that given the current economic issues and the instability of the Pound, people are exploring alternatives like Bitcoin.

In fact, if we compare the value of the Pound and Bitcoin since Brexit was announced back in June 2016, the Pound has seen a steady downwards trend, while Bitcoin has soared (+1320%).

It’s important to remember that unlike traditional currencies, Bitcoin is not subject to inflation due to the finite amount of coins (21 million) available which may be appealing to people, given that following the depreciation of a currency typically comes inflation – the rising costs of goods and services.

Despite the current economic hardships, the cryptocurrency industry continues to grow from strength to strength, with the current market cap of Bitcoin at $174 billion.

Source(s):
https://www.bbc.co.uk/news/topics/cx250jmk4e7t/pound-sterling-gbp
https://www.coindesk.com/price/bitcoin
https://coinmarketcap.com/currencies/bitcoin/

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