Bitcoin Forum

The price of bitcoin has been effected greatly, by the Brexit vote results. Although, this recent drop in the value of bitcoin started just a few days prior to the vote. Isn't Bitcoin supposed to be effected less by all of this political turmoil, by its very nature?

Why do you think Bitcoin was greatly affected by the Brexit?

I believe the recent rise and drop in Price is more due to the BTC halving coming up beginning of July. The Bitcoin Price started rising 1 month ago from 520$ to over 700$ and also started dropping again to 650$ before the Brexit. Let's wait for the halving and see if Prices stabilize again.

 am not seeing any effect of brexit on bitcoin as the price is around $650 and at there from a few days, but I think it will have a great effect of halving, only halving is the too to affect bitcoin.

well the price seemed to bounce back after the brexit voting to be honest though i think that might have been just a coincidence and nothing more, no one knows

i think the effect will become visible when britain is going to get out of the european union though it is still a long time to go till that so i think we just need to wait and see

As i see it its a great hedge since bitcoin ha no political cares, even if they clamped down and try to destory bitcoin it or something like it will find a way to survive.  Overall i reckon brexit was very bullish for bitcoin the effects will be seen in coming months.

Bitcoin is affected on a financial side of the story - as in : people might take it as a safe haven against such negative fiat volatility, presuming
that bitcoin in the long run is safe from it. But when you think about it, it may just be another excuse just to pump the price.

Yeah, you're right. I looked at the price charts. The decline in bitcoin started 3 days before the Brexit vote. The price was perhaps declining alongside all the other currencies (vs the British Pound) when the vote results were thought to result with a win for the "remain" camp.

And the decline also probably has to do with bitcoin dynamics, like the halving.

Brexit was the first opportunity that we have had to observe BTC price in a moment of great financial turmoil.  There has been relatively little change in its price (and yeah, it could be dynamics related to halving, I don't know) in the past few days.

Gold has a fairly large move upwards since Brexit.  So far, gold has been the safe haven investment.  Let's keep watching...  :)

There's been no effect. The Sterling keeps on going down, but BTC's fluctuations do not move in accordance. This between the £ and the $, or the £ and the €. BTC's in another world.

That's because nobody sane is looking for safety in a highly speculative and volatile asset like bitcoin. Bitcoin is subject to so much pumping that you can't even be sure the current price level will hold up after the halving. People looking to flee to safety in the UK are going to pick gold, which has hundreds of years of history as a stable store of value in times of crisis, and largely ignore bitcoin, which has only existed for 7 years. As well they should.

No bitcoin is just like another assets open for global trading so its value will be effected by many events but how much depends upon the news + manipulation from whales as bitcoin marketcap is not that big like other trading assets.

Of Course you are right, no Investor would invest into Bitcoin as a safe Investment.
But to look at correlation between the Brexit and BTCs it makes sense to look at Price changes of the currency.
The Price of 1 GBP  in BTCs didn't Change from last Monday to this Monday. It is still around 0.0020.

People aren't willing to invest into bitcoin safely ye,   but when the time comes that pumps become more difficult and more people start investing their savings into bitcoin you better hope you're aboard the btc  train because once the train starts there will be no stopping i.   That time  just isn't here   quite yet.

Well, i don't think Brexit will give big affect to the price of bitcoin. Maybe the price of bitcoin will decrease or increase a bit but it's not long and the bitcoin's price will back to the normal price.

I very much doubt that Brexit has had anything to do with the fluctuations we've observed the past few days/weeks. Maybe you should explain why/how you think Brexit has affected Bitcoin price movement? Why would Bitcoin value drop in response to it? a sell-off? Why on earth would people sell their Bitcoins simply because the UK is exiting the EU?

The Brexit had an effect on the price of Bitcoin, probably because there are traders in the United Kingdon.
But, it's still well if the price decrease to increase after Halving.
it will probably decrease further in the coming days, but it will increase

There has been no effect - and that's because Brexit makes Britain safer.

The push towards bitcoin came in 2013 when ordinary people who had savings in Cyprus got their savings stolen in a bail-in.

Since then the EU has made bail-ins the official policy and states are prevented from rescuing banks till a bail-in has taken place.

Britain has never had bail-ins in 1000 years of history - and leaving the EU means we can make a bonfire of these silly laws. But that means of course that there is no need to rush out and buy bitcoin to protect yourself either - the people decided to protect themselves in a ballot.

It's because the supply is governed by the protocol and also the open market and not some political decision made by politicians to stimulate economic growth. The price will fluctuate a lot like any other commodity that are market driven.

Just remember that Brexit influenced all countries belonging to the EU and they also took a bit of a hiding over this, not just the UK. There are even countries not belonging to the EU that felt the ripple effect of the announcement.  

We are now a global market with several trade agreements between countries. ^smile^

The effects re not even seen yet. It will be one of the things that make Bitcoin go 1000+. Greenspan is already saying how fucked up the situation is and even saying that only going back to gold standard would save us. Of course that is nonsense and it just means in modern age that we need to go Bitcoin.

While the media speculated on a function of Bitcoin as a safe haven asset in connection with the Brexit, there is no proof for this assumption. Of course it is a plausible assumption that people from the Isle put part of their funds into Bitcoin to reduce their risk exposure to the declining purchasing power of the pound, but all data we have on this are purely correlative.

If you ask me, the effects of the Brexit on the Bitcoin/fiat valuation may be overstated. On the one hand there is a comprehensive trend to diversify into safe haven assets since QE started, so Bitcoin might have been on the buy list regardless of the outcome of the referendum. On the other hand I think that speculative buying shortly before the expected Bitcoin halving might be an equally good explanation of Bitcoin's recent rise.

ya.ya.yo!

I see the line between Brexit and price for Bitcoin. Price for Bitcoin depended from many factors as economical as politically my time will show how Bitcoin will behave itself and for us it stayed to wait and hope for good news.

What I mean is that there were many big price movements, in all of the currencies, right before and after the Brexit vote. It looked like bitcoin also joined those price movements. When all of the currencies were declining against the Pound, with the expectation that the UK will stay in the EU, bitcoin was also declining. What I asked was, why did bitcoin join this price movement?  

I've been looking more closely at bitcoin since a month and a half ago. And my understanding was that bitcoin would not join the other currencies' price movements, in times of political uncertainty, because of all of the things that make bitcoin different.

my personal opinion on this, is that brexit has an effect about the recent bitcoin increase, but it's not only because of that, i remember that the yuan was in a bad state and chinese were buying like crazy, also you have the halving that play a big role for me

Nobody is selling due to britain leaving the EU, they are either buying or lookings into buying or they've not heard of bitcoin.  Most people in UK only understand housing, the GBP and ISA savings.

I know a couple of regular folks who made few thousands within 24 hours after Brexit just by betting against the Pound in forex.

No effect yet and I don't think there will be any in the coming time. Britons have had enough of EU bureaucracies so they decided to vote to opt out of the Eurozone, what is sad is that the older people voted to leave while young ones voted to remain, its sad if your future is determined by grand dads and grannies. That being said Britain is the only one to lose in this referendum and bitcoin price has been very stable at about 650 USD for a few days since the voting took place, so I can say that so far no effect yet and I don't think there will be an effect in the coming time. Bitcoin is kinda immune to this kind of news and is heavily dependent on what happens on darknet market places rather than what happens in Britain which is just a country in the end.

Brexit do not have any affect on Bitcoin, because largest BTC user group come from USA. BTC price change come from BTC mining difficulty.  ;)

yes i dont see any effect of brexit yet,and i also think it will not give mass effect to bitcoin or bitcoin price,british only one country and logically will not give much influence to bitcoin,the most possibility is some investor there look into bitcoin.

It affects a lot and to a large extend .as the Chinese people are converting their money into bitcoins and gold and they see it in a different way .well in the near future chinese will be the leader of bitcoins

My bet is that wan't affect Bitcoin at all. Or it'll rise, because maybe euro will fall down. Every time it happens, BItcoin is rising a little, so win-win anyway.

Brexit represents decentralized government with the EU representing centralization.

Decentralized government is good for bitcoin in most scenarios, afaik.

Even in the united states, decentralized government is far better for passing things like marijuana decriminalization whereas the centralized federal government is  ineffective and extremely slow when it comes to supporting new or progressive measures which citizens heavily support.