Topic: Will Brexit became the reason of Bitcoin’s downfall? (Read 298 times)

I doubt that it will have any effect at all. Bitcoin is not bound by any country, government, agency, or bank. Any whale could impact the price more than Brexit.

Brexit has no correlation to bitcoin downfall, what a silly article.
UK GBP and euros will be just fine after Brexit. After all, bitcoin might provide a way for them to bypass any political hurdle.
Brexit is going to be followed by a number of immigrants and emigrants and cryptocurrencies are the easiest and the cheapest way to send remittances home, 

"So overall Brexit may have a good impact too on the crypto world and of course, the smart startups like FXCM have found a good way of making a fabulous fortune along with reducing the hard impacts of Brexit, if it occurs on the cryptoworld." - https://www.thecoinrepublic.com/from-brexit-to-bitexit-does-brexit-mean-bitcoins-exit-from-the-crypto-union/


I would like to qoute and reiterate the last statement on that article that you posted and it says that Brexit may have a good impact on cryptocurrency including bitcoin. The problem arising from the brexit is a potential for bitcoin to grow stronger. As we all know bitcoin can pass through boundary and it is a very useful currency for the people in UK to hold on because of the brexit. The brexit may have cause economic loss for the countries involved and one good way to escape that is through bitcoin.

according to what i know bitcoin falls or rises higher in the future does not depend on brexit because we know that bitcoin is the only coin or digital currency that was first made and bitcoin is made with limited supplies so we can say bitcoin does not depend on Brexit, the possibility of bitcoin in the future will increase more than last year because now we see that bitcoin users are more popular now than last year and bitcoin will definitely be higher in the future.

Brexit happen last year but bitcoin still the same price, nothing effect for bitcoin after Brexit England from EUROPE community, England want to build his community and less out from how EURO rule, they want to make institution with immigrant come to his country, they want to control by self how economic world and never want to allow what EUROPE community want, after success of Brexit england from Europe not have anything effect for bitcoin price.

It's definetly going to be an important factor, but I don't think it is to blame for the recent downfall in price for bitcoin - probably something else.

Brexit won't really impact bitcoin directly - the consequences of that going through isn't directly related to crypto-currencies, more Europe.

It could however affect the prices of Bitcoin inadvertently, with the EU market crash there might be a chance to see Bitcoin actually rise as an investment option.

Well, that was exactly right. I don't think Brexit is the reason for bitcoin's downfall. I think it's due to over supply and lack of demand the reason why bitcoin is still at a low price for now. Maybe all they need to do is to hold for the long term and have massive adoption in order for its price to increase. Advertisement is a good help to in order to catch the attention of a lot of people on how to earn in bitcoin. Indeed, there is no effect on Brexit. Bitcoin will grow itself.

I have a somewhat different perspective, according to OP it may be that if there is some kind of impact on Brexit to the Crypto market, although it can be taken as a Fundamental, obviously the Fundamentals are determinants in the Stock Market, somehow it may be a connection type.

Reviewing the news, I coincidentally came across one that has a lot of similarity to the topic developed here, and I think the impact is usually mild, that is, the news says that The United Kingdom reached an agreement with the European Union on Brexit, This in the market of Bitcoin arose in a 1.3% price increase, many attribute this increase due to the news.

My criteria of market analysis is that no news makes a direct impact on the market, unless it is a Fundamental, in this case it may have been something significant for some investors, remember BAKKT Futures, we have new investors in the market , it is likely  that little push in the market, the article can find it ->Bitcoin Price Back Above $8K as Pound Sterling Rises on Brexit Deal, cointelegraph

I don't see how this could have any repercussions to Bitcoin. If the UK economy and £ crashes (which i doubt) it might prompt some people there to buy BTC.

Downfall? Not in your wildest dreams. It might push the price up a little at most, but only if enough people fear the £ will fall. They never adopted the € anyway so i don't see much how this would be unless its just the result of a much weaker economy product of barriers of commerce with its neighbors.

Brexit will not affect Bitcoin and its price in any way. Do not talk such a nonsense

From what I hear on the news is that Britain and Brexit have come to an agreement with I'm yet to know what the agreement entails. With that been said, Brexit was not the reason for the dump in the price of the bitcoin market and the issue of Brexit just happened at the same time the bitcoin market usually experience dump in price before it a halving year.

Let me tell you of behalf of the bitcoin community that bitcoin has nothing to do with Brexit nor UK so I would request you to avoid believing in such senseless news and do a proper research before even posting such crap. Already bitcoin is going through one of most unpredictable stage and these sort of article might create unnecessary panic.

The article claims that the price of fiat currencies is connected with bitcoin and that if euro and pound lose value cryptocurrencies will do the same.
How is that possible? Trading volume in the EU isn't that big especially if you look at some Asian markets. I'd expect the opposite to happen. As fiat currencies lose value so will stablecoins and this will allow you to buy much less crypto for your fiat. People tend to abandon weak currencies so if EUR loses value they will buy USD or something else and if they need to they will go to USDt from there.

I've seen a lot of stupid things in crypto, but OP's article is easily among the top 3 stupidest things in crypto. It really does look like it was written by a bot, because it doesn't make any sense, it starts saying that Brexit is bad for Bitcoin, then it says it's good for Bitcoin, and it uses weird phrases like "crypto-union" and "bitexit".

And generally, it should be a common knowledge already that Bitcoin very weakly correlates with world events, usually it's even unnoticeable because of Bitcoin's volatility.

How does a drop in price Equate to downfall?

Bitcoin is used on a global scale across regions, it's can not be affected by Brexit or any similar movement. If it should affect anything, it should be the country's currencies which are undoubtedly doing well. There's apparently no connection between Brexit and Bitcoin as to lead to Bitcoin's downfall.

Thanks buddy, I think I was partly confusing UBB and HTML. Fixed.

Good point regards news sources, I'll avoid adblocker content in future.

How many times do we have to tell people the Brexit has nothing to do with bitcoin, not even in the farthest sense? Greece's problems with the EU has long been speculated to be tied with bitcoin's future movements, but what happened? Bitcoin continued to push while the issue has been buried away in time. Brexit, too, has long been rumored to take down bitcoin with it but what? People have been politicizing bitcoin for far too long and connecting it with nonsense political gibberish doesn't mean it's going to happen. Traders only want to make money, they don't want your problems and dilemma on whether to go for a no-deal Brexit or whatever it is that you guys have in mind.

Isn't this weird? It's a thing which should actually mark as a cornerstone for development of BTC and you are saying it could become reason of it's downfall? Neither did EU nor did UK ever had any pact regarding usage of cryptocurrency. It's usage in these countries is still absolutely free and people are increasing their usage with such economic tragedies so why would this incident decrease the popularity of Bitcoin or become the reason for it's downfall.

The current PM, the PM before him, and the previous PM; all of them were once at the epicenter of the Brexit earthquake. Until now everything is still unclear. Terms and agreements have not been met yet. And in between all these theatrics, Bitcoin has risen, fallen, created a number of ATHs, fallen again, and risen again, and so on. In fact, the 2018 fall of Bitcoin was during the time of Theresa May, not the current PM.

There is absolutely no connection at all, except perhaps the rhyme. 

calling Bitcoin a "safe-haven" is somewhat misleading in the context....


Political instability leads to instability (i.e. falling in value) of the local currency. British people are in that situation as a consequence of Brexit (but sterling is not dropping like the bolivar or the turkish lira, a little perspective is in order)

In those circumstances, buying Bitcoin is a smart thing to do, as you are no longer exposed to exchange rate risk from your local currency (sterling in this case), and more importantly, it's quick and easy to do. British people cannot so easily set up a Euro (or USD) bank account, despite still being in the EU (or being the 51st US state ). It's not impossible, but it takes time, effort, and risks the bank saying "we don't think you need this EUR bank account"; Bitcoin can't tell you you're not allowed to open an account.

But Bitcoin is simply the "cleanest dirty shirt", even if the British pound or the Turkish lira is falling through the floor, BTC does not have a stable exchange rate either. Don't be confused, Bitcoin only falls upwards, but it's a bumpy ride, and too much so for most people's nerves to take.


Bitcoin is a safe haven because of how difficult it is to take from the owner (i.e. impossible, if the owner is smart), not because of it's exchange rate. 100% guarantee of an unstable currency (BTC) is better than an 80% guarantee of a stable currency (GBP); if a GBP bank goes bust, you risk getting 0 anyway. When the currency with the 80% guarantee becomes unstable too, keeping 100% of something similarly risky looks decisively the better deal.

I read the whole article and found no reason to believe Bitcoin might have a price drop, I feel the article decontextualized the political situation trying to write something bearish about Bitcoin. I would look for better news sources before publishing anything here.

Why?
It's make no sense to think Brexit affected BTC so much like you're saying
I can't link Brexit to BTC

It's just the market, some people are selling, others are waiting to buy in a low price...nothing unusual

If anything, the uncertainty of the Brexit deal would make the price of Bitcoin rise as the British pound would be in question. Other than that Brexit honestly has very little to do with the price of Bitcoin in my opinion.

Pretty much agree that the declarations have been misinterpreted and pointed against what was the original intent. I personally cannot see any ties to a possible downfall on BTC. Euro and Pound will have their ups and downs, commerce will likely suffer a fair share, passport controls may become a pain, legal aliens there and abroad may have a change in status, and so forth, but Bitcoin does not for part of the outcome.

Note: There’s an issue with the link you provided (it bears an extra set of https:// and the quotation marks in the URL can be dropped). Additionally, the Independent is pretty persistent with Ad blocker thingy. This site leads to a similar content (with no Ad blocker): https://en.ethereumworldnews.com/ceo-claims-no-deal-brexit-could-spark-unprecedented-bitcoin-breakout/

I'm laughing hard too on this. I have not seen a relation to this with bitcoin or if bitcoin is dependent on fiat, nope. Bitcoin is a separate entity from fiat. Brexit would have nothing with bitcoin.

The central idea that Brexit will harm BTC is not supported by the quote from Nicholas Gregory on which the article is based.

He says: ‘’Come 2020, we expect an increasingly populist and politically unstable world to cement the safe-haven status of Bitcoin and other cryptocurrencies…and if the central banks revert to ramping up the money printing all over again, the case for cryptocurrencies like Bitcoin whose supply is capped will be further reinforced.’’

He seems to think Brexit will in fact be a good thing for bitcoin.

Looking at the the same interview as reported by the Independent newspaper (way back in August) the meaning of his statement becomes much clearer.

Nicholas Gregory says: “Bitcoin has rediscovered its mojo this year with multiple mini surges but a no-deal Brexit could see a massive and unprecedented breakout. Not only will a no-deal departure from the EU create turmoil and volatility across two major fiat currencies, it will also trigger an identity crisis for the global system as the contingency and vulnerability of major global fiat currencies is laid bare.”

This is bullish news being reported as bearish by someone who is transparently trying to shill a bitcoin trading platform.

TL;DR: Clickbait, terrible journalism by someone who doesn't understand bitcoin.

I don't care about this Brexit thing and I don't know what this has to do with Bitcoin fall, is the seat of Bitcoin power and popularity comes from the United Kingdom, this is one of the dumbest posts I have read so far in this forum, the only downfall of  Bitcoin is when we found vulnerabilities in the blockchain, not an act of one nation that has nothing to do with Bitcoin adoption

you need to have a real talent to be able to connect two completely irrelevant things together and create a topic about it. it is like saying that farting is causing the global warming

You should understand that bitcoin has been in the scene for ten years now and throughout the ten years, Bitcoin awareness and value has increased throughout each year. So there is no possible way I see Brexit bring the downfall of Bitcoin. I don't see any unique reasons to convince me that the downfall of Bitcoin might happen  due to this or that reason. This article is spreading FUDs just to make soft hearted investors to sell their bitcoins, nothing technically to ssupport this claims.

I don't think that Brexit has any impact on the cryptocurrency industry. Brexit is not good for the European Union though, but they might reach an agreement nevertheless. Now it looks Scotland wants to organise an independency referendum in the next year. Independency is a trend recently, I wonder if something big is incoming and they know something. Hmm..

On the other hand there are some England-based crypto companies that might have some legal problems once the Brexit is officially finished. Another way for lawyers to make a fortune..

I cannot think of any possible explanation that would support what OP is suggesting! I guess the thread title is a little bit overactive and it seems to suggest Brexit would create a Bitcoin apocalypse which sounds horrifying and at the same time ridiculous! 

On the contrary, I think Brexit would rather contribute to Bitcoin's dominance in the crypto scene as an alternative to Euro especially on the remittance industry.

Sorry to say that it might take the current PM of Britain Boris Johnson to convince me that there is an intertwined connection in between Brexit and Bitcoin...sure they both starts with letter B and any event can influence the price movement of Bitcoin anytime but this article is already a big stretch. It is quite funny but within that article, Bitcoin is actually given this recognition:


In other words, it is actually the other way around. In case Brexit can be producing what many fears it would in the economy of Britain, then there is more opportunity for Bitcoin to be the choice as the safe haven for many. How's that, James Bond?

Your bot needs a kick up its electronic arse. Its article writing prowess has withered to an incomprehensible low.

As for the actual question, not that it makes sense anyway, the GBP market is tiny. No one else cares what it does. It impacts nothing and nowhere else.

Bitcoin’s future success isn’t remotely linked to Brexit. People were saying similar when all that shit was going on with Greece & Cyprus & it didn’t impact on bitcoin negatively.

Forsaking EU had been the long controversial topic in Britain, the previous PM, Theresa May tried for 2 long years to negotiate with the EU regarding Brexit, but the recent PM had been the epicenter of the earthquake called Brexit.

Read Source: https://www.thecoinrepublic.com/from-brexit-to-bitexit-does-brexit-mean-bitcoins-exit-from-the-crypto-union/