No-deal Brexit is looming, Bitcoin Google searches in the UK reach peak

While the public's attention is focused on the US-China trade war and the Hong Kong anti-extradition protests, the UK has just concluded its Prime Minister elections and is now preparing for a "no-deal Brexit," with less than 100 days left until the Brexit deadline on October 31.

With Boris Johnson taking office as Prime Minister on July 24 and the economic turmoil caused by the impending Brexit, the "Bitcoin Google search" in the UK has reached its peak. Since the Brexit referendum in 2016, the pound exchange rate has been continuously declining, potentially leading people to invest in other asset classes, including cryptocurrencies like Bitcoin.

The Brexit Chaos
Boris Johnson succeeded Theresa Mary May, who resigned as Prime Minister on June 7, and has requested the EU to renegotiate the Brexit deal reached with the former Prime Minister. However, EU Chief Jean-Claude Juncker insists that the EU will not reopen negotiations.

The UK can still delay or abandon Brexit, but the final outcome may result in a no-deal Brexit on October 31. Opposition politicians argue that this will have disastrous consequences for the UK economy.

Since the Brexit referendum in 2016, the pound has significantly depreciated, nearing historic lows. Due to the imminent economic issues and the instability of the pound, people have been seeking alternatives like Bitcoin to safeguard their assets.

Bitcoin as a Safe Haven Asset
Nigel Green, CEO of financial advisory group deVere, stated:

We have seen that the British people and international investors are considering diversifying their portfolios to hedge against the uncertainties of Brexit, including cryptocurrencies like Bitcoin.

Binance also mentioned that when the Binance Jersey pound exchange launched in January of this year, they received a "very enthusiastic response." Binance CFO Wei Zhou also noted:

Cryptocurrencies can shield against the uncertainties of Brexit, and the turmoil caused by Brexit may ultimately affect the pound and the euro.

Additionally, data from coindance shows an increasing volume of pound to Bitcoin transactions.

Due to financial instability, the trading volume of cryptocurrencies has grown significantly compared to last year. According to reports, Bitcoin is gradually becoming a popular hedge among the public and is increasingly seen by many long-term supporters as having the potential to become a global currency.

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