Boris Johnson And Brexit Boost The Bitcoin Price: Analysis

Boris Johnson, the Prime Minister of Britain who was given the hard task to guide the UK through Brexit could be the major reason why the bitcoin price and interest on Google increased. In the latest cryptocurrency news, we are finding more about the correlation.

Google searches have increased dramatically in England over the year according to reports. The term ‘’Bitcoin’’ generated massive interest on Google Trends recently as Britain is trying to detach in the popular Brexit movement from the European Union. The new Prime Minister Boris Johnson maintained that he will not give into Brussel’s games so the politicians in the opposing camps stated that when the country leaves the EU zone, it will destroy the economy of the country. However, over the years the report shows that being in the European Union only caused damage for Britain on the economic plan.

The scenario caused some major concerns on an economic level as the GBP dropped dramatically over the past year. Since the end of February, the Sterling lost about 7$ against the US dollar which means it reached a twelve month low of $1.238. At the moment, there is some hope for better days ahead for Britain as it seems like it will leave the EU in October. The European Commission is trying to tell Boris Johnson that they will not give in into his demands and will not negotiate the withdrawal agreement.

With all of the concerns over the economic issues and negative price action in the fiat currencies, people are still looking into bitcoin as a safe haven and a good investment. People are trying to find alternatives as a hedge so Bitcoin is considered as a global currency which is a good place to start since Britain is not the only country with these kinds of crypto trends. As noted in the altcoin news previously, countries that were banned by the US and sanction as well, are keen on bitcoin since it is able to bypass the sanctions. Venezuela is one of those examples since the country is now using BTC to pay for the major taxes. Russia and China as well including Iran also express more interest in cryptocurrencies and consider them as a safety for their countries.