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  • 06.28.16

Could Brexit be a boon for Bitcoin?

While Britain’s decision to exit the European Union hasn’t been great for the British pound, it may be having a beneficial effect on Bitcoin.

Bitcoin wallet Coinbase says that consumers in the U.K. are buying up Bitcoin in the wake of the country’s announcement to leave the European Union. The week prior to the vote, Coinbase saw a 350% increase in Bitcoin purchases from U.K. customers.  On the day the U.K announced its decision, wallet signups in the U.K. were up 86% compared to the average rate, according to the company. 

When big economic events hit, believers in Bitcoin tend to come out of the woodwork to explain how decentralized currency could save the people from conditions they have no control over. That said, Bitcoin has yet to attain the kind of mass adoption it would need to prove its point. 

Could Brexit lead to big investments in Bitcoin? Tell me what you think on Twitter @ruthreaderRR