This is a time of turbulent economic conditions across the world and these conditions are reportedly influencing the price and demand for Bitcoin that has now been dubbed as a “safe haven” asset by many. An upcoming political event that is likely to be of consequence for Bitcoin is the Brexit.
Nov 1 might be a possible bank holiday in the UK
UK government officials are predicting that the event is likely to trigger “financial chaos” across the country. Government minister Michael Gove is of the opinion that the day after the Brexit deadline, Nov 1, should be declared a bank holiday. He said –
“I don’t know if this is a good idea at all. Tell me if it isn’t. What about a bank holiday?”
If the bank holiday is approved, all the financial markets will be shut down for 24hours. The proposal to have a 24-hour bank holiday comes as measure for mitigating financial chaos in the country in case Britain doesn’t get a deal from the EU. Speculations of Brexit getting a “no deal”, despite Prime Minister Boris Johnson describing the chance of a no-deal Brexit as “vanishingly small”, are rife.
The Struggle For Stability And How Bitcoin Will Play The Messiah
The predicted impending “financial chaos” is likely to create turbulence among the prices of two major fiat currencies – GBP and euros, and therefore, crypto analysts are urging investors to buy Bitcoin now.
According to a cryptocurrency analyst on Twitter, Bitcoin will help people mitigate risks in case there is a bank run.
Nicholas Gregory, CEO of blockchain firm CommerceBlock, is of the opinion that in the event of a no-deal Brexit,