The people of Britain has resolved to leave the european union (EU) in a historical referendum on Thursday 23 ,2016. They had voted for British exit or what is termed “Brexit”
This action of Britain has resulted to the slipping of the global financial market. Bitcoin price which is no exception surges past $650 as British pound tumbles to 30-year low.
Bitcoin price which is somehow difficult to predict had on June 17 this year hit a two-and-a-half year high of nearly $775 before dropping nearly 25 percent over the next week.
That drop was thought by some Bitcoin enthusiasts to be so much related to the British continued stay with EU. According to data from coindex with multiple media bodies calling it a win for the leave campaign Bitcoin grew legs and sky rocked past $650 a day after it was $550.
There is some levels of global uncertainty over what will happen now Britain has resolved to leave the EU. Also since the British pound has fallen so low steps will be taken to calm the resultant lomming financial crisis.
Bitcoin looks like an appealing financial instrument for offloading the pound given its peer-to-peer nature.
Britain will have no option than to adopt Bitcoin which is a decentralized currency to salvage their dwindling economy and that will be a step to the right direction for the British Economy.