Bitcoin Price Spikes As Britain Votes To Leave EU
The volatile cryptocurrency Bitcoin has been covered by our team extensively in the last few years. Many see virtual currencies like Bitcoin as the ultimate gamble as their volatility is par for the course. Many online casinos have started offering Bitcoin as a payment option as it is seen as a possible alternative to traditional currencies who are prone to devaluation from unexpected financial crisis or political upheavel.
This could not have been clearer than with the British decision to leave the EU which led to the British pound falling to a 30 year low against the dollar and dropping by 10 percent. The beneficiary of the political fallout from the unexpected Brexit vote has led to a spike in the Bitcoin price. Today saw the price of Bitcoin passed the $650 mark where only yesterday it was $550. Needless to say the brave and speculative few who are willing to gamble on this virtual currency are certainly reaping the rewards.
As we have seen in the last few years the rollercoaster ride of Bitcoin is legendary and has included Bitcoin exchanges collapsing leading to a near meltdown of the virtual currency. The price reached a record $719 for the last two years but factors like the Hong Kong based Bitcoin exchange Bitfinex going offline do not to the currency any favors.
As traditional currencies like the British pound show their vulnerability to political events, investors could well look to Bitcoin as a viable alternative to hedge their bets in times of uncertainty, much like they do with gold which has also spiked in recent days.