Tag Archive : Brexit

Brexit Leads to Record Losses For Pound Sterling

With Brexit still looming over the UK, and the end of Theresa May’s leadership putting the country in yet another stage of transition, the pound has endured its longest losing streak against the euro since the creation of the latter currency 20 years ago. In recent weeks, the sterling has recorded its steepest losses ever when compared to major world currencies.

The pound dropped from just over  €1.17 to under €1.14. It fell from over  $1.32 to less than $1.27 versus the dollar – its lowest level since February.

Financial markets have declined over the past month over US and China trade war fears. Donald Trump’s administration raised the stakes by ramping up US tariffs from 10% to 25% on $200 billion worth of Chinese imports. Tensions raised as the US blacklisted the Chinese telecoms company Huawei. The FTSE 100 has fallen by more than 2% to trade at about 7,270.

UK inflation increased to above the government’s 2% target in April. Last week, U.K. Prime Minister Theresa May resigned as the leader of Britain’s Conservative Party.

“It is and will always remain a matter of deep regret to me that I have not been able to deliver Brexit,” said May outside No. 10 Downing St. in London during a speech at the end of which she shed a tear. May spent nearly three years trying to deliver the result of the 2016 Brexit referendum.

The Bitcoin Brexit Boon

According to one expert, increasing numbers of millionaires in the UK are moving their cash into cryptocurrencies, such as Bitcoin, due to fear over the possibility of a Jeremy Corbyn-led government.

With Conservative Party support waning thanks to Brexit chaos, a Corbyn-led Labour Party could take power. Nigel Green, founder and CEO of deVere Group (which has more than $12 billion under its advisement), believes the nation’s rich, fearing such a result, are turning to Bitcoin and Ethereum.

“High-net-worth individuals in Britain and wealthy international investors with UK assets and business know that they will be hit by Mr. Corbyn’s tax hikes on wealth, income and inheritance,” Green said.  “As such, many of them aren’t waiting to find out how his anti-wealth rhetoric would play out, and more and more of them are seeking advice on established, legitimate overseas opportunities to create, build, and importantly, protect their wealth.”

He adds: “An increasing conversation we’re having with clients in this regard involves investing in cryptocurrencies, such as Bitcoin, Ethereum and XRP, in lower tax, crypto-friendly jurisdictions. In a broader sense, high-net-worth individuals are increasingly seeking exposure to the associated benefits of these digital assets as our recent global survey highlights. It can be expected that a Corbyn-led government will help fuel this trend.”

Bank of England Threw Nearly £100,000 Party after Brexit

The Bank of England spent nearly 100,000 on a Governors’ Day Jolly on July 10, but two weeks in the wake of the historic Brexit vote. The lavish party took place at the sports grounds in Roehampton, south west London.

The £99,035 party, paid for by taxpayers ,comes at a time when savers have little to expect from their accounts and Carney is accused of exaggerating the danger of Brexit to increase Remain votes during the referendum campaign. The Party went down mere weeks after the stressful Brexit vote.The British exit from the European Union commanded global headlines and had a big affect on global markets. It seems governor Mark Carney, along with 2,500 Bank staff, policy makers and guests had a party. Read More

Addison Cameron-Huff: “Brexit mirrors Bitcoin in that it’s about decentralization.”

Markets have been reeling since news that Britain would leave the European Union. Britain represents the first country to leave the EU, and uncertainty about what’s to come has led investors into safe have assets, including gold, silver and Bitcoin.

While the Bitcoin price remains stable, amid what some are calling its big moment to shine, there does certainly seem to be correlation between global economic uncertainty and bitcoin’s price resurgences. Read More