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BTC · 29w

Bitcoin is the Ideal Safe Haven for UK Citizens Right Now

It is no secret that Bitcoin’s popularity varies based on jurisdiction. The reasons why the cryptocurrency notes greater adoption in some particular countries differ from place to place, but here is why Britons should seriously consider investing in Bitcoin at this particular moment.

Ongoing Brexit Uncertainty to Support Bitcoin Demand

The fact that Prime Minister Boris Johnson’s Conservative Party won a historic victory in the UK election initially dissolved Brexit uncertainty concerns. Now the PM has full control over the UK parliament, so the latter cannot hinder his rush to handle the Brexit process.

However, the market’s enthusiasm didn’t last long, as Johnson surprisingly decided to make it illegal for the government to extend the deadline for the so-called Brexit transition beyond December 2020. It refers to the period when the UK and Europe have to reach consensus on their trade relationship. Considering that the UK will likely leave the European bloc on January 31, the two sides have only 11 months to sign a trade deal.

European leaders and the British opposition claim that the timeline is too tight for such a complex deal and recommend at least two years of talks after the official withdrawal date. Markets fear that Johnson’s decision to rule out any extension attempt might lead to a no-deal Brexit, which is the worst-case scenario for the British economy. Britons will have 11 long months of confusion, and Bitcoin might act as the perfect safe-haven tool.

The risks of a no-deal Brexit are real as soon as Johnson doesn’t change his mind or the Europeans don’t make serious compromises. However, European Commission President Ursula von der Leyen doesn’t believe that a trade deal could be reached within such a short timeframe. She said:

It is basically impossible to negotiate all of what I’ve mentioned.

Elsewhere, Johnson doesn’t seem to be in the mood to reverse his decision, especially when he had been prev...

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