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.
The tremors caused by the no-deal Brexit are slowly shaking the entire cryptomarket, the first victim of the trembling effect was the pound sterling which rapidly lost its value among the other competitors. UK PMBoris Johnson is 100% sure to remove the UK from the European Union and is trying his level best to do the same. Brexit has created a huge impact on every industry linking the UK with the European Union and now it has started digging the cryptoworld.
The CEO of blockchain firm CommerceBlock, Nicholas Gregory had earlier predicted that Brexit is going to shake bitcoin making it lose its value on the global platform and the predictions proved to be right.
‘’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 the vulnerability of major global fiat currencies is laid bare’’-said Gregory pointing the link between international relations,currencies and cryptocurrencies which are together bound by diplomacy. He further added
‘’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.’’
FXCM, UK based Group came up with a new bitcoin trading platform – Cryptomajor, interestingly it is during the hard fear of Brexit amidst the investors. Working like a common wallet for 5 major cryptocurrencies- Bitcoin, Ether, XRP, Bitcoin Cash and Litecoin in equal proportions, this platform had been launched to mitigate the harsh effects of Brexit on the crypto investors. A single pocket means that the FXCM (Forex brokerage cryptomaker) users will be allowed to collate more than one cryptocurrency in a single go without the need to give then individual attention and efforts.
‘’Trading a basket of cryptocurrencies means our users are freed from the hassle of constantly monitoring the markets’’
Highlighted Brendan Callan, the CEO of FXCM pointing that launching Cryptomajor will not allow the traders to be stroked by the Brexit. But launching the platform also gives a glimpse of the fearful environment Brexit has thrown to the crypto world, the impacts of which are being tried to mitigate by such projects.
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, and the golden point is that does not recognize any social, potitical or international barrier , it is neither time-bound nor somebody needs to stand in a queue waiting for his turn, no day and night barrier and no Sundays. 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.