Might Brexit be good for crypto?
by Manoj Sharma for CNR
Multiple external factors can, of course, affect financial markets. Not least when it comes to cryptocurrencies, which are already volatile by nature. However, in contrary to the popular belief, the looming Brexit is being predicted to have a positive impact on cryptocurrencies in the UK. At least according to Mike Romanov, the chief executive of DSX, who envisions a rather bright future for Bitcoin as a consequence.
Brexit, the moment where the UK leaves the European Union, finally happens at the end of March 2019, and inevitably, it’s bringing some degree of uncertainty and volatility to markets.
Digital assets, though, may fare a lot better, and Romanov certainly believes so. By removing itself from EU, he argues that Britain can usher in a new financial era in the region, which ultimately, can have a positive effect on Bitcoin.
Romanov argues that Bitcoin tends to thrive during financial turmoil and can achieve a dominant position in the years to come as a consequence. Whilst the EU is working on a few regulatory guidelines, it seems that a new set of rules will need to be developed in the UK. This is all going to take time, of course, which in turn brings a longer period of uncertainty. The knock-on being that this may be to the benefit of crypto.
If things go all well for cryptocurrencies, Bitcoin stands in line to get a healthy boost. Many crypto firms are showing a keen interest in exploring the UK market, such as Coinbase, which recently became a part of the UK’s Faster Payments scheme to introduce digital currencies to the masses.