Theresa May's Brexit deal is dead, how will this influence Bitcoin?

Kakmakr

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Quote from: figmentofmyass on March 14, 2019, 03:22:17 AM

Quote from: Kakmakr on March 13, 2019, 12:17:20 AM

As the title of this thread says, Theresa May's EU withdrawal deal has been rejected by MPs by an overwhelming majority for a second time and other markets have already reacted to this news.

https://www.fxstreet.com/news/gold-rises-to-early-month-high-as-us-china-trade-deal-brexit-favor-safe-havens-201903130347

https://www.marketwatch.com/story/brexit-vote-3-reasons-investors-outside-of-the-uk-should-care-2019-01-14

How will Bitcoin investors react on this news? Will we see more or less people investing in Bitcoin or will we see little impact on the Bitcoin price?

Let's discuss. Wink

you should move this to the speculation board.

i don't think it'll directly affect the price. if a hard brexit really comes to pass, that might be a catalyst for a major downturn in the world markets. on the other hand, an eleventh hour deal could provide a relief rally.

both scenarios could indirectly affect bitcoin. IMO bitcoin really benefits from stable and growing world markets where investors have a "risk on" mentality. as a speculative asset, i think it will suffer in the context of a major downturn in the world markets.

We are not speculating, we are discussing the influence of current events that has a direct impact on financial investments like Crypto currencies. We are dealing with proper analysis of the political influence of this decision and how it might impact Bitcoin investments.

When there are political instability and indecisiveness in a government, people look for safe havens to protect their wealth and Bitcoin has long been seen as a possible store of value or a kind of safe haven. Wink

kryptqnick

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Quote from: Kakmakr on March 13, 2019, 12:17:20 AM

As the title of this thread says, Theresa May's EU withdrawal deal has been rejected by MPs by an overwhelming majority for a second time and other markets have already reacted to this news.

https://www.fxstreet.com/news/gold-rises-to-early-month-high-as-us-china-trade-deal-brexit-favor-safe-havens-201903130347

https://www.marketwatch.com/story/brexit-vote-3-reasons-investors-outside-of-the-uk-should-care-2019-01-14

How will Bitcoin investors react on this news? Will we see more or less people investing in Bitcoin or will we see little impact on the Bitcoin price?

Let's discuss. Wink

As the article mentions, gold went up because GBP went down:

Quote

The British Pound (GBP) declined after the development and triggered risk-off moves, which in-turn supported gold.

There've been a coulple of rather surprising reports about UK being a crypto country and stuff like that, so some people surely might turn to cryptos since their fiat is failing. It's surprising that they manages to make a difference in the price of gold, but if they really did, they can probably have similar positive effect on Bitcoin as well. If anything, I hope it won't be negative.

stompix

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The whole Brexit deal fiasco has not made a dent in the GBP (5% from the start of the year against the euro) and that is their national currency, the currency of a country that relies on trade and international finance and even so is plunging head first into uncharted territory.

Why would this affect BTC in price or adoption?
People losing jobs and customers won't jump the BTC bandwagon.

Quote from: KingScorpio on March 13, 2019, 07:52:28 AM

one thing is sure, bitcoin wont help UK citizens fix their broken economy as it didnt helped Venezuelan citizens fix their broken economy.

Well, once in a while everyone is finding himself in strange situations, so ..this is one when I agree with you.
A currency can't fix an economy, be it UK, Venezuela, Turkey, Russia or Japan.

Countries have collapsed during the gold standard, people went bankrupt during those times, economies will collapse even in a BTC only world, people will lose their wealth and jobs. There is no miracle cure that fixes everything.

figmentofmyass

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Quote from: Kakmakr on March 13, 2019, 12:17:20 AM

As the title of this thread says, Theresa May's EU withdrawal deal has been rejected by MPs by an overwhelming majority for a second time and other markets have already reacted to this news.

https://www.fxstreet.com/news/gold-rises-to-early-month-high-as-us-china-trade-deal-brexit-favor-safe-havens-201903130347

https://www.marketwatch.com/story/brexit-vote-3-reasons-investors-outside-of-the-uk-should-care-2019-01-14

How will Bitcoin investors react on this news? Will we see more or less people investing in Bitcoin or will we see little impact on the Bitcoin price?

Let's discuss. Wink

you should move this to the speculation board.

i don't think it'll directly affect the price. if a hard brexit really comes to pass, that might be a catalyst for a major downturn in the world markets. on the other hand, an eleventh hour deal could provide a relief rally.

both scenarios could indirectly affect bitcoin. IMO bitcoin really benefits from stable and growing world markets where investors have a "risk on" mentality. as a speculative asset, i think it will suffer in the context of a major downturn in the world markets.

shamc

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No deal brexit has been voted down so an extension is needed. The EU will not negotiate any further so the only option is to go for a new referendum.

Wind_FURY

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Quote from: KingScorpio on March 13, 2019, 03:56:42 AM

Quote from: Wind_FURY on March 13, 2019, 03:52:13 AM

OP, I believe Brexit is more akin to an "isolated incident", and it might not do that much to "influence Bitcoin".

But the collapse of global fractional banking will, and our only hedge is to HODL.

jes go on with that.

I will, and I call on everyone to continue to do it. Short the banks by HODLING Bitcoin. They are worse than the shitcoin founders that we have gotten to see, especially how they work within the community.

https://twitter.com/ecb/status/1105494215381913601

Quote

Praet: As a central bank, we can create money to buy assets #AskECB

Thieves.

gentlemand

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No effect. The time to be an Englisher in BTC was the day before the referendum result. Since then it's been very relaxing to see it all turn to shit feeling immune. There are no BTC/GBP markets of note and the general public is too busy trying celebs on Twitter to pay any attention to this.

dothebeats

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Quote from: Wind_FURY on March 13, 2019, 03:52:13 AM

OP, I believe Brexit is more akin to an "isolated incident", and it might not do that much to "influence Bitcoin".

Any news regarding the global economy and political movements happening right now are being used by traders as signals for their next moves, so while the recent Brexit deal per se wouldn't directly influence or affect bitcoin, the traders will try to do something in order to make it look like Brexit is a vital part of today's trading scene for bitcoin. I'll expect a sudden shift on either side of the spectrum as this recent deal rejection only made things vague from where it once was.

KingScorpio

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one thing is sure, bitcoin wont help UK citizens fix their broken economy as it didnt helped Venezuelan citizens fix their broken economy.

Pursuer

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I think the accumulation power and the power to keep the price down at this level for some more time is more powerful than any other effect that a news like the Brexit's fate can have on the market and as a result bitcoin price should not even change and continue staying like this for some more time, unfortunately we have endure that before the rises start.
if this news came out a little bit later when we were on the rise it could have had a nice impact though.

palle11

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Quote from: Kakmakr on March 13, 2019, 01:32:31 AM

The status quo will not influence the markets a lot, but an approved "Brexit" would have had a significant impact on investors.

I will support your position that statuo quo will remain since approval wasn't given. The price volume will not increase so much neither are we going to witness a sharp dive down the road. But I expect an increase in bitcoin price since everything is still intact in EU.

michellee

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I think the investor will wait for a while and they will react following on the market itself. They don't want to make the first moves if in the market doesn't show a sign to up higher or down deeper. I think the investor doesn't overthink about the news again because maybe they know that the news is not right and it only wants to make crypto market panic. But I believe that we will see more people will invest in bitcoin because they already learn about bitcoin as the investment.

KingScorpio

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Quote from: Wind_FURY on March 13, 2019, 03:52:13 AM

OP, I believe Brexit is more akin to an "isolated incident", and it might not do that much to "influence Bitcoin".

But the collapse of global fractional banking will, and our only hedge is to HODL.

jes go on with that.

Wind_FURY

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OP, I believe Brexit is more akin to an "isolated incident", and it might not do that much to "influence Bitcoin".

But the collapse of global fractional banking will, and our only hedge is to HODL.

aad140386

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I think that this news in general will not affect bitcoin and other cryptocurrencies. From the word "absolutely." Recently there was a fork of ethereum and this event was supposed to somehow affect the quotes of the ethereum, but the price did not react at all to the fork. The market is painfully reacting to bans from regulators, steal from crypto exchanges, various ICO projects scam, but not to such things as negotiations about leaving Britain from the EU. I would worry more about the general state of the world economy, since in the world financial crisis it will be difficult to predict how investors will behave in relation to cryptocurrencies.

KingScorpio

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european banks are not great, but i doubt they gamble as rough with bitcoin as uk or american banks do.

regards

DooMAD

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If there is any alteration in price, it's probably only going to come from a change in the value of Pound Sterling with all the upheaval. Anyone who uses other national currencies is unlikely to notice much difference. It's difficult to say if there's going to be any impact in adoption or usage as a result. I don't think many people plan for this and are just idly waiting to see what unfolds.

//EDIT Thursday 14th March:
MPs vote to delay Brexit. Response now awaited from the EU to see if they grant an extension.

shamc

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It's all moving towards another referendum and the result will be to remain. Economy will get a boost, and bitcoin will rise. Corbyn will push for the vote and he'll probably get it

bitbunnny

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I don't think there will be any influence at all. Bitcoin is not tied to British economy or any other aspect in that country particulary different compared to other countries. Maybe Brexit might affect investors but only in limited scope and that will not cause any big changes at cryptocurrency markets so there is no need for crypto users to be afraid of Brexit.

hugeblack

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Believe me, there will be no direct rebound in the markets. Let us recall a bit about what happened when the referendum was held on the departure of Britain? There were violent shocks in the sterling as well as stocks of real estate companies.

Do not expect to take the risk of buying digital assets and cryptocurrencies, and even if that is true, the market is too big to be raised by a few million dollars.

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