Why Boris Johnson's Appointment As Britain's PM Is Good News For Bitcoin
Britain has recently appointed a new prime minister, Boris Johnson. He replaces Theresa May who resigned after failing to deliver her Brexit promise. His appointment has come in the wake of a political turmoil that could see Britain suffer economically in the months and even years to come. With Boris Johnson threatening that Britain could exit the Europian Union without a deal, Britain suffering economically in the years to come looks feasible. For many Bitcoin enthusiasts, his appointment is a big boost for Bitcoin. Already, there is a spike in Bitcoin interest in the country according to Google.
Analysts backed by research have continually stated that Bitcoin is a safe haven in times of political and economic disasters. This has been evident numerous times, in Venezuela, Zimbabwe and U.S sanctioned countries such as Cuba and Iran. Britain could be the next country to join this list. With the Brexit deadline fast approaching and no deal is on the table, Britain is headed for an economic crisis. This is expected to shake up the pound. For many, they will look to Bitcoin as their savior, buying up as much as possible.
Bitcoin Google Searches On The Rise In Britain
Bitcoin searches on Google have been on the rise worldwide. This started as Bitcoin began climbing from $7,000 to its current year high of $13K. Britain in particular, the searches are correlating with the upcoming Brexit. As the deadline approaches and the EU President Jean-Claude Juncker reiterating that there will be no renegotiations on the withdrawal deal, there is a sense of panic. For most Britain citizens, the answer can only be Bitcoin.
Bitcoin Price Update
Bitcoin has been flirting with the $10K position for a couple of weeks now. Although the asset is still largely bullish, it has struggled to stay above $10K since its drop below the same. The asset has also been losing in other fronts including dominance. Since climbing to nearly 70%, this has dropped to around 64% in recent days. Trading volume has also drastically fallen after reaching an all-year high of $30 billion a few months ago. At the time of writing this, Bitcoin is recording $15 billion in trading volume from the last 24 hours.
One analyst has noted that the recent slowdown is as a result of the bulls absence stating that this is a consolidation phase. He notes that it is likely it remains in the $10K-$14K price range for a few weeks. But, he doubts not that the asset will breakaway soon and hit all-time highs.
About The Author
John KiguruJohn is an exceptional writer with a liking on technology, finance and the intersection of the two. A firm believer in the transformative potential of cryptocurrencies and the blockchain. When he is not writing, he likes to listen to Nas, Eminem and The Beatles.
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