Bitcoin Boosted By Boris Brexit Factor

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Bitcoin and other cryptocurrencies could receive a boost from Boris Johnson winning the key to the door of 10 Downing Street.

Johnson has one hand on the job as next British Prime Minister as he moves into the final phase of becoming the next Conservative leader.

He has the support of 143 MPs, well ahead of second in the field Jeremy Hunt, who polled 54 votes.

But Johnson’s determination to see Britain exit the European Union by the October 1 deadline is fermenting no-deal uncertainty and a fall in the value of the Pound.

While wealthy investors have a weather-eye on Johnson’s progress, one financial expert, Nigel Green, founder and CEO of the world’s leading expat wealth advice firm deVere Group believes they could move their cash into cryptocurrencies.

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Johnson heads race for PM

“It looks almost certain that Boris Johnson will be Britain’s next Prime Minister and his vow to leave the EU in October has prompted a decline in the value of the pound,” said Green.

“Sterling has lost almost 5% of value against the US dollar since the start of May and has seen six straight weeks of falls against the euro.

“As Johnson’s campaign moves up a gear into the next phase to win over the party’s grassroots – we can expect him to also up his hard Brexit rhetoric and this will likely drive sterling even lower.”

Green argues wealthy investors are considering withdrawing their money from Britain because of Brexit and many view cryptocurrency as a hedge against risks posed by leaving the EU.

“Crypto assets are often used around the world as alternatives to mitigate geopolitical threats to investment portfolios,” he said.

Cryptocurrency bull run

“The no-deal Brexit issue might be the catalyst for new investors in this way, but they are likely, too, to be aware that many established indicators and analysts are pointing towards a currently new crypto bull run.

“As such, they might think this is now the time to jump into cryptocurrencies – which are almost universally regarded as the future of money.

“Crypto is to money what Amazon was to retail.  Those surveyed clearly will not want to be the last one on the boat.

“As Boris and Brexitcontinue to dominate the agenda, Bitcoin and the wider cryptocurrency sector could experience a boost as investors seek to protect – and build – their wealth by hedging against the geopolitical risks they pose.”

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