Against the British pound, Bitcoin trade volume shoots up!!

[Doan9269]

The good news in all this is that our dear bitcoin is getting the recognition it deserves, more people are getting to know what bitcoin is, they are finally knowing there is indeed, a reliable alternative to the already collapsing fiat system of money, and I hope that some day in the future, bitcoin will become a major player in our money system.

Bitcoin can't be compared with the rise in USD against GBP because they remains fiat and can loose more value anything sooner no matter how the increase it has realized, bitcoin remains the most approved and recommended digital currency that cannot have the influx of inflation to deter it value with the economy regardless of location, bitcoin will remain increasing over time in value no matter how volatile it may seems and how dip it's been, rising is a certainty attributed to bitcoin even whenever it falls.

[el kaka22]

I assume that UK had a bit of a trouble back to back with this PM change and Liz Truss but on top of that queen died. It can't all be a chance just after both of these happened that they had a big downfall, it's obvious that it's going to be related for sure.

This is why I am guessing that the best thing to do would be making sure that we are doing the right thing now, and if we can just try to realize that fiat will always lose value over long period of time and put our money into bitcoin which could have down years like this year, but also grows bigger eventually then we could at least have a chance to make a good amount of profit, instead of keeping it in pound and lose gradually.

[Leviathan.007]

I saw another article about it and according to many resources, the bitcoin trading volume is growing up even against some fiat currencies such as British Pound, in this case, years ago when bitcoin trading volume was much lower than this none could even imagine seeing one day we see bitcoin trading volume this high. Regardless of that, since we are talking about the British Pound we all know that's not a weak currency but maybe after the economic crash in the world and especially in the European countries, this was predictable to see this happen.

[DudeAtWork420]

Just a quick note for the people that might think that this is automatically bullish: an increase in trading volume with the trading pair doesn't necessarily mean that a lot of people are buying. Trading volume accounts for both buys and sells!

But i think its mostly buying pressure. Recent fall of GBP and the hyperinflation force many people to quickly transform their GBP into different assets. People choose BTC other other assets because of its future potential and the current price looks very attractive to investors. There will be some sell pressure too but i am really doubt that will be much in this time.

[Beparanf]

I saw another article about it and according to many resources, the bitcoin trading volume is growing up even against some fiat currencies such as British Pound, in this case, years ago when bitcoin trading volume was much lower than this none could even imagine seeing one day we see bitcoin trading volume this high. Regardless of that, since we are talking about the British Pound we all know that's not a weak currency but maybe after the economic crash in the world and especially in the European countries, this was predictable to see this happen.

USD is being pump hard by the US government using the increased tax on its citizens so it's normal that most of the currency will be weaker against it since they are not doing the same to make there currency value high to fight inflation. Bitcoin value is directly reacting USD which means other currencies that will pair on it will show some weakness too since Bitcoin is fighting USD value despite of its value increasing.

I believe British Pound will recover when US stops increasing there interest on taxes to push dollar value or EU will do the same.

[worldofcoins]

With inflation hitting the UK and causing financial unrest, some experts look to Bitcoin as they feel it could make a positive impact on their some what unstable economy..
 According to data shared by James Butterfill, head of digital assets at Coinshares, shows that trade volume with Bitcoin as against the British pound climbed to a high of $881m as of Monday, 26th Sept.!

Meanwhile, the average trade volume between BTC/GBP on a daily is about $70m, invariably meaning an increase compared to the standard of 1,160%.

 With the rate at which the GBP tends to experience volatility, it would only be wise to look at other means. Like becoming a Bitcoin hub for instance, since adopting it will seem a bit of a stretch, Gabor Gubarcs tweet summarized.
 Furthermore, this decline in finance in the UK seemed to have become noticed since the introduction of Prime Minister, Liz Truss' fiscal policies, an analysis proved.

Yes, it increased. The current inflation rate in the UK (as compared to the rest of the world) is very high.
This has changed many people's trend to start investing in the Bitcoin market.
Also, another critical factor is the dramatic fall in the value of the British pound against the USD. I think this can cause a massive volume shoot-up in the bitcoin trade.

[justdimin]

With inflation hitting the UK and causing financial unrest, some experts look to Bitcoin as they feel it could make a positive impact on their some what unstable economy..
 According to data shared by James Butterfill, head of digital assets at Coinshares, shows that trade volume with Bitcoin as against the British pound climbed to a high of $881m as of Monday, 26th Sept.!

Meanwhile, the average trade volume between BTC/GBP on a daily is about $70m, invariably meaning an increase compared to the standard of 1,160%.

 With the rate at which the GBP tends to experience volatility, it would only be wise to look at other means. Like becoming a Bitcoin hub for instance, since adopting it will seem a bit of a stretch, Gabor Gubarcs tweet summarized.
 Furthermore, this decline in finance in the UK seemed to have become noticed since the introduction of Prime Minister, Liz Truss' fiscal policies, an analysis proved.

Yes, it increased. The current inflation rate in the UK (as compared to the rest of the world) is very high.
This has changed many people's trend to start investing in the Bitcoin market.
Also, another critical factor is the dramatic fall in the value of the British pound against the USD. I think this can cause a massive volume shoot-up in the bitcoin trade.

UK pound needs to have a higher interest rate in order to fix this situation, Europe and UK do not feel the need to do that, they haven't increased it as much as FED did, which causes the inflation to not recover right now. Look at USA, they have recovered to a point already, not doing great but they are doing fine enough compared to Europe.

Because they increased it a lot, as far as I can remember it has reached 2x higher interest rate and will go up even more soon, because that’s the solution. As long as UK keeps going with their horrible financial planning and the whole "let the market fix itself" approach, it will keep on going worse.

[Fullbear2222]

Only solution is to replace gbp with EUR or USD.
Btc could be temporary measure just If anything then Stable coins but it Has a lot to do what the USA decides.

[pooya87]

Brits need to start stacking their satoshis if they can afford to spare any of their fiat that has been dumping ever since May/June 2021 specially now that their government is basically headless after the resignation of the Prime Minister. It is also without any policies or even any future plans to even begin to solve any of the financial problems.

[omone1]

The British politics has been highly unstable in the recent time from the time the Yes to leave the European Union till now. Her prime minister just resigned after just 45days in office not a good one for the economy. Traders are scatting for a safe heaven for their money rather than allow the rising cost of living destroy their planned life.