Bitcoin was ‘Good as Gold’ in the Brexit

[alyssa85]

http://www.breitbart.com/big-government/2016/06/27/bitcoin-good-gold-brexit/

With the Brexit being the worst one-day global financial crash since the Lehman Brothers bankruptcy in 2008, Bitcoin gained a tremendous amount of credibility as a safe haven asset that is “good as gold.”

...The British pound nose-dived by 11 percent and UK stocks plummeted 8 percent. A worldwide financial terror caused European stocks to tank by 6 to 8 percent, Asian stocks to tumble by 5 to 10 percent, and U.S. stocks to take a 5 percent hit.

But according to Lee Adler of the Wall Street Examiner, “In the six hours or so from when the [Brexit] results started to trickle in (about 7 p.m. EDT) until it was obvious that the Brexit had become a reality, the Bitcoin price spiked up by about 8.8 percent…”. The move up essentially “mirrored” the 8 percent jump in the price of gold.

Barry Silbert, founder and CEO of the Digital Currency Group and the creator of the Bitcoin Investment Trust, tweeted just moments after the vote: “This is Bitcoin’s coming out party as a global safe-haven investment. Amazing.”

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[tn211]

Well I think it will effect bitcoin greatly this coming day. I think it will boost the price rise of bitcoin this coming days. I hope that it reach more than 1k$ soon.

So far I haven't seen any really influence from brexit. Sure thursday the price seem to get some traction but it was temporary and even more the price is back down again.

[2double0]

Well I think it will effect bitcoin greatly this coming day. I think it will boost the price rise of bitcoin this coming days. I hope that it reach more than 1k$ soon.

So far I haven't seen any really influence from brexit. Sure thursday the price seem to get some traction but it was temporary and even more the price is back down again.

That had nothing to do with Brexit, as it was a different event which was meant for sharp forex and stocks moves, Bitcoin would never get influenced by any currency news and that's the power of bitcoins.

[~Bitcoin~]

Effect on bitcoin price is not only due to this brexit or australian bitcoin auction. Halving will be here within few days and all we have speculated price to go up but if it can't meet our expectation, many of traders and investors will be shorting their bitcoin holding which may dump the price sharply. Its hard to predict market moves in current volatility.

[Wendigo]

Well I have to ask the British members of the Bitcointalk forum if they are going to invest in Bitcoin now that their pound is 'falling down'. Maybe the UK will become the China of Europe and everyone will flock to the Bitcoin community who knows. But the pound has had such a long life that I don't think people will abandon it so easily. Maybe this weakness is just temporary and things will get back in order soon. I don't think Bitcoin is as good as gold because Bitcoin is super volatile and presents a high risk of losing value over time. Just my 2 cents.

[philiveyjr]

I doubt people bought into the fact that bitcoin is as safe as gold as an investment. I wonder how much of an effect did bitcoin see due to Brexit. Prices didn't seem to move at all.

[Qartada]

I doubt people bought into the fact that bitcoin is as safe as gold as an investment. I wonder how much of an effect did bitcoin see due to Brexit. Prices didn't seem to move at all.

I noticed the same. The price did not change much. If 0.001% of the Bristish Pounds change into bitcoin, its price will be $100000.

[Daniel91]

I don't think that people (brokers) invested in Bitcoin because of Brexit.
In gold, yes, but not in Bitcoin.
Banks and financial institutions must operate according to their national laws and financial regulations.
As you know, in official market nobody offers Bitcoin yet.
So, I'm sure that brokers invested their funds in other currencies, oil or gold.
Maybe some of them invested also in Bitcoin but as private person only.

[The Sceptical Chymist]

Hmmm, bitcoin is 7 years old and I'd say it has.a long way to go before it's as good as gold.  You can't even make jewelry out of it.  But I get the point.

[Kprawn]

I am not convinced that the small price increase had anything to do with Brexit. The price has gone up a little bit and suddenly everyone wants to credit Brexit? I think a very small percentage of people

are invested in Bitcoin to have a significant impact, when this happens. If this happened before the decision as a preventative action, it would be more believable, but the price actually took a dip

before this happened. Well, let's see what the price will be doing in the coming month.... because this is far from over. 

[philiveyjr]

I doubt people bought into the fact that bitcoin is as safe as gold as an investment. I wonder how much of an effect did bitcoin see due to Brexit. Prices didn't seem to move at all.

I noticed the same. The price did not change much. If 0.001% of the Bristish Pounds change into bitcoin, its price will be $100000.

That is if people continue to hold onto their stacks at that price. People would sell much much before that. That figure also seems a bit too much.

I am not convinced that the small price increase had anything to do with Brexit. The price has gone up a little bit and suddenly everyone wants to credit Brexit?

Where do you see people claiming that ?

[takingthis4]

Well I think it will effect bitcoin greatly this coming day. I think it will boost the price rise of bitcoin this coming days. I hope that it reach more than 1k$ soon.

in my opinion bitcoin has already been affected by the results of the voting that happened in great britain, to be honest i think the price rose again after dump because of that

bitcoin is better as gold i think and the price will be affected by brexit in the future too as britain is going to get out of european union and people will be buying coins

[quentincole32]

I doubt people bought into the fact that bitcoin is as safe as gold as an investment. I wonder how much of an effect did bitcoin see due to Brexit. Prices didn't seem to move at all.

I noticed the same. The price did not change much. If 0.001% of the Bristish Pounds change into bitcoin, its price will be $100000.

of course british exit will not give many effect to bitcoin,some article said it may not give price increase to bitcoin,the possibility is some investor run into bitcoin for invest,even they will know its different with gold.

[helloeverybody]

Surely with bitcoin being a  worldwide  currency there should be very Little  that could  affect it.  The only thing that should really happen in any negative situation is  bitcoin should  rise as more people buy into it.   

[Carlton Banks]

brexit has is some way affected almost everything

Where's the proof for this claim? The number of people who are just lazily repeating it? That proves nothing, if anything it suggests the opposite.

[Klestin]

I doubt people bought into the fact that bitcoin is as safe as gold as an investment. I wonder how much of an effect did bitcoin see due to Brexit. Prices didn't seem to move at all.

I noticed the same. The price did not change much. If 0.001% of the Bristish Pounds change into bitcoin, its price will be $100000.

0.001% of the total British Pounds in circulation is less than $1 million US.

[European Central Bank]

if we include m2 of sterling which includes savings and stuff as well physical money and all the electronic shit then we get a figure of about 1.5 trillion pounds. 0.001% of that is £15 million. so that means one afternoon of nice action on bitfinex.

[zigzag007]

Sounds like a safe haven to me!

[Schuyler]

I am not sure if the impact of the Brexit will have an effect on bitcoin right away. As I have read, the Brexit is a long process that takes a while to complete. The price would have surged past $800 easily if those people seeking for alternative to the UK pound bought into bitcoin.

[Cryptonitex]

Good read
This is Good For BitCoin.