Bitcoin and Brexit

[Mbitr]

Brexit is looming for the UK on 29th March. Will this have any effect on bitcoin price ?
When the vote took place in the UK back in 23rd June 2016 and the result was revealed the following morning - many London bankers made a killing on pound Sterling/ Euro forex. There also appeared to be a spike in the btc/usd , this may well have been completely independent of the vote. What will happen on the 29th March? Anyone have any thoughts?

[franky1]

there was some speculative drama mid 2016. but not anything sustainable/impactful
so always expect speculative drama, but never expect to know how much, how long it will be.

seeing a price change historically (in hindsight) is meaningless.. its just a line on a chart.
so unless your online and ready to trade and made the right judgement call at the right time (gamble) you might make some
short quick profit. or you might make a mistake and end up on the bad side.

most of the time the speculative drama is over before people are even ready to benefit from it. so most dont even try no more.

so no guarantee either way.
most smart people prefer to take 1% steadily each day (365% a year) instead of hoard and hope for the one day they time a one time gamble perfectly that might gain them 2%-200% in on go

[Mbitr]

there was some speculative drama. but not anything sustainable/impactful
so always expect speculative drama, but never expect to know how much, how long it will be.

seeing a price change historically (in hnidsight) is meaningless.. its just a line on a chart.
so unless your online and ready to trade and made the right judgement call at the right time (gamble) you might make some
short quick profit. or you might make a mistake and end up on the bad side.

most of the time the speculative drama is over before people are even ready to benefit from it. so most dont even try no more.

so no guarantee either way.
most smart people prefer to take 1% steadily each day (365% a year) instead of hoard and hope for the one day they time a one time gamble perfectly that might gain them 2%-200%

This is what I was thinking tbh. I’m not a trader myself , but I wonder if a few big players will be ready .

[franky1]

Well it might have some fearful for a second but it should long term lead to a stronger pound but short term there should be a spike in hedgers.

im british..
stronger pound, weaker pound, we will survive

if £1 buys E1.17 today... but only gets E1 next month.
then it will cost us more to buy euro goods....... flip side we start manufacturing our own
which europeans will then buy because its cheaper for them

EG imagine a punnet of fruit. costs E1.17 (£1)
if we started growing our own for £1 we are not having to buy euro fruit at £1.17(e1.17)
europeans can then buy english fruit for E1 instead of buying euro fruit at E1.17

if the forex went the other way wher £1 moved to e1.30. we can buy euro fruit at e1.17(£0.83)

...
as for the fear of no trade.. thats just foolish media scare.
america, russia, india, asia are not euro. but they trade with euro fine.. so ofcourse the UK will trade with europe. we dont need to be euro to trade with them. we just do things how america/asia do it.

[Becky666]

Holistically there is likely to be a positive shift inline with speculation which definitely will have effect in the soar price of Bitcoin but never mind "not bull-run", the advent of Brexit will pave ways for the crypto-world.  

[franky1]

Holistically there is likely to be a positive shift inline with speculation which definitely will have effect in the soar price of Bitcoin but never mind "not bull-run", the advent of Brexit will pave ways for the crypto-world.  

i see a 'calve' run... (temporary young bull).
but not a trigger for a long term bull run
but now we are just speculating. which is just drama.

if the calve run spikes too quick. expect a cub run (young bear) correction

[o_e_l_e_o]

The UK economy and contribution to bitcoin price is probably too small to make a significant difference to global markets and prices. BTC/GBP trading pairs only make up about $10 million of the daily volume, with many UK traders instead trading in EUR or USD to take advantage of higher volume markets. Certainly the pound is likely to take a short term hit, especially in a "no-deal" Brexit scenario, and so the price of bitcoin in GBP will rise. UK citizens may want to be holding assets other than GBP at by the end of the month, but these assets are probably more likely to take the form of USD or gold rather than bitcoin.

In short, the price of bitcoin in GBP will rise, but only because of GBP becoming weaker. The price of bitcoin in EUR or USD is unlikely to be affected.

[dothebeats]

I don't expect the Brexit to cause any adverse effects on bitcoin for long. Perhaps some drama and FUD may arise that can cause some people to sell, but knowing how small the BTC/GBP market is in comparison to the rest of the world, it's safe to say that it's not something substantial that may cause large losses. This has been happening for quite a few times now, and so far, nothing serious has happened in bitcoin yet. If there's anything that would take a beating, that's most probably the Pound above any currencies,

[angel55]

I don't think this will have any effect on the bitcoin price.  The currency that will be losing value in the future is the USD, not the Euro.  United States will not last as the economic power it once was.  I don't think the European Union should have ever been formed in the first place, everyone should of just stayed their own coutnry.

[anks]

well trump made bitcoin rise so brexit can also do it

[Stac]

There are more chances for the increase in the demand for bitcoins after UK leaving the European Union and due to increased demand for bitcoins there are chances for the prices of bitcoins to boom in the crypto currency market which will help all the investors to make huge returns from their investment on bitcoins. Lets wait and watch how the market is going to after MArch 29th, 2019 as there is high volatile nothing cannot be predictable. fingers crossed and hoping for the best, the bitcoin market will surge and there are more likely chances for the price of bitcoins to reach $ 50000 USD by next year which will cause for mass adoption of this technology.

[mindrust]

Any political or financial instability is good for bitcoin.

Not every people but many people started to see bitcoin as a safe haven. However in this case most people are going to prefer their own FIAT currency because neither EUR nor GBP are weak currencies. In the long run both of them are going to fail though so, brexit or no brexit, buying btc will always a good idea.

[Mbitr]

There are more chances for the increase in the demand for bitcoins after UK leaving the European Union and due to increased demand for bitcoins there are chances for the prices of bitcoins to boom in the crypto currency market which will help all the investors to make huge returns from their investment on bitcoins. Lets wait and watch how the market is going to after MArch 29th, 2019 as there is high volatile nothing cannot be predictable. fingers crossed and hoping for the best, the bitcoin market will surge and there are more likely chances for the price of bitcoins to reach $ 50000 USD by next year which will cause for mass adoption of this technology.

I hope that Brexit will be the beginning of the end of FIAT as we know it, ut the damn banks/politicians aren’t going to give up that easy and will do their best to continue to screw us over. We can live in hope

[mindrust]

brexit or no brexit, buying btc will always a good idea.

Good idea long term. But not that good idea short term because it'll lead only to loss in many circumstances

We are already at the bottom of the bear market if not, we are very close. You may lose some in the next 2 months at best but after that, it won't be possible to go down below $3.5k because the resistance is too strong around those levels.

Short term, mid term, long term, right now bitcoin is your best bet.

[dtb.agency]

So difficult to tell what can on earth affect the price for BTC. I'd say since last year events and news stoped influencing BTC price. E.g. I remember an event in NY last year. People said it would affect the price, but it did not. IMHO

[Mbitr]

General consensus seems to be that Brexit won’t have a huge impact on btc price - possibly a slight rise on the day .I’ll update this thread if and when Brexit actually happens. Thanks for insight all .

[e-coinomist]

Brexit is looming for the UK on 29th March. Will this have any effect on bitcoin price ?

It's 20 days left officially but the date might move into July. The amount of GBP trade is to small to affect BTC. Most trades are done against USD or derivatives.

In short, the price of bitcoin in GBP will rise, but only because of GBP becoming weaker. The price of bitcoin in EUR or USD is unlikely to be affected.

It's a good choice to flee GBP right now. Or going short against it, at some forex broker. There's a precedence some millionaire who made a killing betting against the crown.

[pushups44]

Bitcoin has shown some correlation with the U.S. stock market, so a political or economic disaster is not necessarily positive for the cryptocurrency. However, those who oppose the EU or its policies should consider taking financial matters into their own hands by using bitcoin, given that it is decentralized.

[o_e_l_e_o]

It's a good choice to flee GBP right now. Or going short against it, at some forex broker.

Not without risk, however. If parliament votes to delay Brexit (which is looking more and more likely the longer the completely incompetent Theresa May continues to push her terrible deal), we will very likely see the value of the pound rise. It could very well stabilise for a few months until the next exit date approaches, or rise even higher if Brexit is called off entirely.

[kelz1]

Bitcoin is borderless so it makes no difference if any country is in EU or elsewhere in africa. Brexit is nothing for bitcoin, the halving is another story