Will Brexit became the reason of Bitcoin’s downfall?

[Harrydose]

Forsaking EU had been the long controversial topic in Britain, the previous PM, Theresa May tried for 2 long years to negotiate with the EU regarding Brexit, but the recent PM had been the epicenter of the earthquake called Brexit.

Read Source: https://www.thecoinrepublic.com/from-brexit-to-bitexit-does-brexit-mean-bitcoins-exit-from-the-crypto-union/

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[DeathAngel]

Bitcoin’s future success isn’t remotely linked to Brexit. People were saying similar when all that shit was going on with Greece & Cyprus & it didn’t impact on bitcoin negatively.

[gentlemand]

Your bot needs a kick up its electronic arse. Its article writing prowess has withered to an incomprehensible low.

As for the actual question, not that it makes sense anyway, the GBP market is tiny. No one else cares what it does. It impacts nothing and nowhere else.

[CryptoBry]

Forsaking EU had been the long controversial topic in Britain, the previous PM, Theresa May tried for 2 long years to negotiate with the EU regarding Brexit, but the recent PM had been the epicenter of the earthquake called Brexit.

Sorry to say that it might take the current PM of Britain Boris Johnson to convince me that there is an intertwined connection in between Brexit and Bitcoin...sure they both starts with letter B and any event can influence the price movement of Bitcoin anytime but this article is already a big stretch. It is quite funny but within that article, Bitcoin is actually given this recognition:

‘’Come 2020, we expect an increasingly populist and politically unstable world to cement the safe-haven status of Bitcoin and other cryptocurrencies…and if the central banks revert to ramping up the money printing all over again, the case for cryptocurrencies like Bitcoin whose supply is capped will be further reinforced.’’

In other words, it is actually the other way around. In case Brexit can be producing what many fears it would in the economy of Britain, then there is more opportunity for Bitcoin to be the choice as the safe haven for many. How's that, James Bond?

[lobat999]

I cannot think of any possible explanation that would support what OP is suggesting! I guess the thread title is a little bit overactive and it seems to suggest Brexit would create a Bitcoin apocalypse which sounds horrifying and at the same time ridiculous! 

On the contrary, I think Brexit would rather contribute to Bitcoin's dominance in the crypto scene as an alternative to Euro especially on the remittance industry.

[ChrisPop]

I don't think that Brexit has any impact on the cryptocurrency industry. Brexit is not good for the European Union though, but they might reach an agreement nevertheless. Now it looks Scotland wants to organise an independency referendum in the next year. Independency is a trend recently, I wonder if something big is incoming and they know something. Hmm..

On the other hand there are some England-based crypto companies that might have some legal problems once the Brexit is officially finished. Another way for lawyers to make a fortune..

[Youghoor]

You should understand that bitcoin has been in the scene for ten years now and throughout the ten years, Bitcoin awareness and value has increased throughout each year. So there is no possible way I see Brexit bring the downfall of Bitcoin. I don't see any unique reasons to convince me that the downfall of Bitcoin might happen  due to this or that reason. This article is spreading FUDs just to make soft hearted investors to sell their bitcoins, nothing technically to ssupport this claims.

[Red-Apple]

you need to have a real talent to be able to connect two completely irrelevant things together and create a topic about it. it is like saying that farting is causing the global warming

[coin-investor]

Forsaking EU had been the long controversial topic in Britain, the previous PM, Theresa May tried for 2 long years to negotiate with the EU regarding Brexit, but the recent PM had been the epicenter of the earthquake called Brexit.

Read Source: https://www.thecoinrepublic.com/from-brexit-to-bitexit-does-brexit-mean-bitcoins-exit-from-the-crypto-union/

I don't care about this Brexit thing and I don't know what this has to do with Bitcoin fall, is the seat of Bitcoin power and popularity comes from the United Kingdom, this is one of the dumbest posts I have read so far in this forum, the only downfall of  Bitcoin is when we found vulnerabilities in the blockchain, not an act of one nation that has nothing to do with Bitcoin adoption

[bobdk]

The central idea that Brexit will harm BTC is not supported by the quote from Nicholas Gregory on which the article is based.

He says: ‘’Come 2020, we expect an increasingly populist and politically unstable world to cement the safe-haven status of Bitcoin and other cryptocurrencies…and if the central banks revert to ramping up the money printing all over again, the case for cryptocurrencies like Bitcoin whose supply is capped will be further reinforced.’’

He seems to think Brexit will in fact be a good thing for bitcoin.

Looking at the the same interview as reported by the Independent newspaper (way back in August) the meaning of his statement becomes much clearer.

Nicholas Gregory says: “Bitcoin has rediscovered its mojo this year with multiple mini surges but a no-deal Brexit could see a massive and unprecedented breakout. Not only will a no-deal departure from the EU create turmoil and volatility across two major fiat currencies, it will also trigger an identity crisis for the global system as the contingency and vulnerability of major global fiat currencies is laid bare.”

This is bullish news being reported as bearish by someone who is transparently trying to shill a bitcoin trading platform.

TL;DR: Clickbait, terrible journalism by someone who doesn't understand bitcoin.

[carter34]

you need to have a real talent to be able to connect two completely irrelevant things together and create a topic about it. it is like saying that farting is causing the global warming

I'm laughing hard too on this. I have not seen a relation to this with bitcoin or if bitcoin is dependent on fiat, nope. Bitcoin is a separate entity from fiat. Brexit would have nothing with bitcoin.

[DdmrDdmr]

<...>

Pretty much agree that the declarations have been misinterpreted and pointed against what was the original intent. I personally cannot see any ties to a possible downfall on BTC. Euro and Pound will have their ups and downs, commerce will likely suffer a fair share, passport controls may become a pain, legal aliens there and abroad may have a change in status, and so forth, but Bitcoin does not for part of the outcome.

Note: There’s an issue with the link you provided (it bears an extra set of https:// and the quotation marks in the URL can be dropped). Additionally, the Independent is pretty persistent with Ad blocker thingy. This site leads to a similar content (with no Ad blocker): https://en.ethereumworldnews.com/ceo-claims-no-deal-brexit-could-spark-unprecedented-bitcoin-breakout/

[hypersonic1]

If anything, the uncertainty of the Brexit deal would make the price of Bitcoin rise as the British pound would be in question. Other than that Brexit honestly has very little to do with the price of Bitcoin in my opinion.

[rdluffy]

Why?
It's make no sense to think Brexit affected BTC so much like you're saying
I can't link Brexit to BTC

It's just the market, some people are selling, others are waiting to buy in a low price...nothing unusual

[th3nolo]

I read the whole article and found no reason to believe Bitcoin might have a price drop, I feel the article decontextualized the political situation trying to write something bearish about Bitcoin. I would look for better news sources before publishing anything here.

[Carlton Banks]

The central idea that Brexit will harm BTC is not supported by the quote from Nicholas Gregory on which the article is based.

He says: ‘’Come 2020, we expect an increasingly populist and politically unstable world to cement the safe-haven status of Bitcoin and other cryptocurrencies…and if the central banks revert to ramping up the money printing all over again, the case for cryptocurrencies like Bitcoin whose supply is capped will be further reinforced.’’

He seems to think Brexit will in fact be a good thing for bitcoin.

calling Bitcoin a "safe-haven" is somewhat misleading in the context....


Political instability leads to instability (i.e. falling in value) of the local currency. British people are in that situation as a consequence of Brexit (but sterling is not dropping like the bolivar or the turkish lira, a little perspective is in order)

In those circumstances, buying Bitcoin is a smart thing to do, as you are no longer exposed to exchange rate risk from your local currency (sterling in this case), and more importantly, it's quick and easy to do. British people cannot so easily set up a Euro (or USD) bank account, despite still being in the EU (or being the 51st US state ). It's not impossible, but it takes time, effort, and risks the bank saying "we don't think you need this EUR bank account"; Bitcoin can't tell you you're not allowed to open an account.

But Bitcoin is simply the "cleanest dirty shirt", even if the British pound or the Turkish lira is falling through the floor, BTC does not have a stable exchange rate either. Don't be confused, Bitcoin only falls upwards, but it's a bumpy ride, and too much so for most people's nerves to take.


Bitcoin is a safe haven because of how difficult it is to take from the owner (i.e. impossible, if the owner is smart), not because of it's exchange rate. 100% guarantee of an unstable currency (BTC) is better than an 80% guarantee of a stable currency (GBP); if a GBP bank goes bust, you risk getting 0 anyway. When the currency with the 80% guarantee becomes unstable too, keeping 100% of something similarly risky looks decisively the better deal.

[Darker45]

Forsaking EU had been the long controversial topic in Britain, the previous PM, Theresa May tried for 2 long years to negotiate with the EU regarding Brexit, but the recent PM had been the epicenter of the earthquake called Brexit.

Read Source: https://www.thecoinrepublic.com/from-brexit-to-bitexit-does-brexit-mean-bitcoins-exit-from-the-crypto-union/

The current PM, the PM before him, and the previous PM; all of them were once at the epicenter of the Brexit earthquake. Until now everything is still unclear. Terms and agreements have not been met yet. And in between all these theatrics, Bitcoin has risen, fallen, created a number of ATHs, fallen again, and risen again, and so on. In fact, the 2018 fall of Bitcoin was during the time of Theresa May, not the current PM.

There is absolutely no connection at all, except perhaps the rhyme. 

[teosanru]

Isn't this weird? It's a thing which should actually mark as a cornerstone for development of BTC and you are saying it could become reason of it's downfall? Neither did EU nor did UK ever had any pact regarding usage of cryptocurrency. It's usage in these countries is still absolutely free and people are increasing their usage with such economic tragedies so why would this incident decrease the popularity of Bitcoin or become the reason for it's downfall.

[dothebeats]

How many times do we have to tell people the Brexit has nothing to do with bitcoin, not even in the farthest sense? Greece's problems with the EU has long been speculated to be tied with bitcoin's future movements, but what happened? Bitcoin continued to push while the issue has been buried away in time. Brexit, too, has long been rumored to take down bitcoin with it but what? People have been politicizing bitcoin for far too long and connecting it with nonsense political gibberish doesn't mean it's going to happen. Traders only want to make money, they don't want your problems and dilemma on whether to go for a no-deal Brexit or whatever it is that you guys have in mind.

[bobdk]

Note: There’s an issue with the link you provided (it bears an extra set of https:// and the quotation marks in the URL can be dropped). Additionally, the Independent is pretty persistent with Ad blocker thingy. This site leads to a similar content (with no Ad blocker): https://en.ethereumworldnews.com/ceo-claims-no-deal-brexit-could-spark-unprecedented-bitcoin-breakout/

Thanks buddy, I think I was partly confusing UBB and HTML. Fixed.

Good point regards news sources, I'll avoid adblocker content in future.