UK Investors Turn To Bitcoin As Pound Sterling Plummets

HomeBitcoin
Share this article
Subscribe for weekly updates
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Liz Truss; Photo Source: Al Jazeera

The trading volume between Bitcoin and British Pound rose over 1400% after the Pound hit a record low against the U.S. Dollar earlier this week.

James Butterfill, Head of Research at CoinShares, revealed that the trading volume for the pair surged from $70M to $881M. 

Butterfill claimed:

“There is a high correlation to bitcoin volume growth and political/monetary instability.”

He added that the increased trading volumes indicate more investors are seeking safety in Bitcoin

This is in line with the trend of investors flocking to Bitcoin after their currency faces economic turmoil. Citizens of Turkey and Argentina have started adopting Bitcoin due to the nations' high inflation rates.

Data from Messari showed similar trends for the BTC/EUR pair. This means EU-based investors are also aggressively purchasing Bitcoin.

The rise in Bitcoin adoption across the UK corresponds to the rapid fall in the value of the Pound Sterling after the government announced its unfunded tax cuts. The instability in the financial market prompted BoE to purchase unlimited gilt bonds until October 14.

Written by
Ayush Pande

The trading volume between Bitcoin and British Pound rose over 1400% after the Pound hit a record low against the U.S. Dollar earlier this week.

James Butterfill, Head of Research at CoinShares, revealed that the trading volume for the pair surged from $70M to $881M. 

Butterfill claimed:

“There is a high correlation to bitcoin volume growth and political/monetary instability.”

He added that the increased trading volumes indicate more investors are seeking safety in Bitcoin

This is in line with the trend of investors flocking to Bitcoin after their currency faces economic turmoil. Citizens of Turkey and Argentina have started adopting Bitcoin due to the nations' high inflation rates.

Data from Messari showed similar trends for the BTC/EUR pair. This means EU-based investors are also aggressively purchasing Bitcoin.

The rise in Bitcoin adoption across the UK corresponds to the rapid fall in the value of the Pound Sterling after the government announced its unfunded tax cuts. The instability in the financial market prompted BoE to purchase unlimited gilt bonds until October 14.

Written by
Ayush Pande