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Further reports of the possibility of a serious market turmoil on the fears and aftermath of a No-Deal Brexit is gradually turning into a reality for the crypto sphere as some analysts forecast Bitcoin (BTC) price to see an unprecedented breakout and record highs in 2019.
As reported in his recent news interview, Nicholas Gregory, CEO of blockchain firm CommerceBlock, even predicts it could fundamentally shift Bitcoin’s place in the global economy.
Prevalent market uncertainty and geopolitical tension are results of Brexit
Brexit debates and its eventual result is already hurting the pound sterling by depreciating against major currencies. Of noteworthy is the coming into office as United Kingdom’s Prime Minister, a major advocate of Brexit, Boris Johnson, who has continually affirmed his support for the UK to leave the European Union, by all means, come Oct. 31, 2019.
As explicitly stated by Gregory:
“Brexit without a deal with the European Union will bring a great instability between the two prominent currencies and also create identification problems for the global system as the shortcomings of the worldwide significant currencies are exposed.”
Going by this statement, the majority of commentators agreed that this scenario may encourage capital flight to Bitcoin as a haven asset, causing prices to surge dramatically.
The apprehension of a chaotic situation from the Confederation of British Industry that a no-deal Brexit may “balloon into economic turmoil” puts credibility into Gregory’s statement offering a likely positive fundamental shift for Bitcoin’s value and importance in the global economy.
As from the next year 2020, expectations are rife from the majority that a politically divided global economy will help to propel the eventual acceptance and popularity of Bitcoin and other altcoins as a haven against most fiats. In summary, saying that “Moreso if government banks resort to building up more on the issuance of cash to boost their currencies, the situation of cryptocurrencies such as Bitcoin which has a ceiling supply level may also be reinforced further.” this statement is credited to Gregory.
Although Nigel Green, CEO of financial advisory giant deVere, has earlier stated that crypto-friendly laws may be a lifeline for the post-Brexit U.K.
However, although theoretically possible, it is becoming difficult for a no-deal Brexit to be stopped and the market is increasingly pricing in a no-deal Brexit with short GBP positions week in week out on the COT report. But there still exist potential ways a no-deal Brexit may be averted.