• Geopolitical factors have become strong catalysts for Bitcoin.
  • No-deal Brexit will create preconditions for a strong Bitcoin growth.

While Bitcoin is still well below its all-time high of $20,000 hit at the end of 2017, some experts believe that the first digital currency is poised for solid gains due to geopolitical landscape and macroeconomic uncertainty. According to Nicholas Gregory, CEO of blockchain firm CommerceBlock, BTC may set a new maximum before 2020. 

“Bitcoin has rediscovered its mojo this year with multiple mini surges, but a no-deal Brexit could see a massive and unprecedented breakout. “Not only will a no-deal departure from the EU create turmoil and volatility across two major fiat currencies, but it will also trigger an identity crisis for the global system as the contingency and vulnerability of major global fiat currencies is laid bare.” ” he said in the interview withThe Independent.

This positive stance is shared by Nigel Green, the chief executive of financial consultancy firm deVere Group. He pointed out that Bitcoin tended to grow during times of market uncertainty, which turns it in a safe-haven asset. The latest research performed by Bloomberg experts supports this view.

US-China trading war and global monetary policy easing are considered as the key factors behind Bitcoin’s rise this year. However, Nicholas Gregory points out to another risk factor that may serve as a trigger for another bull’s run on the cryptocurrency market

Britain is about to exit the EU and the risks of no-deal Brexit are growing fast. According to Carolyn Fairbairn, the director of the Confederation of British Industry (CBI), this outcome will become “tripwire into economic chaos.”

If this scenario is played out, Bitcoin’s role in the global economy may change significantly.

“Come 2020, we expect an increasingly populist and politically unstable world to cement the safe-haven status of bitcoin and other cryptocurrencies more generally,” Nicholas Gregory from CommerceBlock says.

The current Brexit deadline is set for 31 October, 2019.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

BTC/USD in a precarious position as lack of healthy support levels can see it drop back below $7,000

BTC/USD bulls have come out on top so far this Wednesday, as the price has gone up from $7,218.50 to $7,253.25. This follows a bearish Tuesday wherein the price dropped from $7,340 to $7,218.50. The daily confluence detector shows ...

More Bitcoin News

EOS/USD drops amidst growing centralization concerns

EOS/USD has had an interesting December so far, to say the least. While its price has moved pretty sluggishly, there are a lot of pieces moving in the background. Let’s take a closer look at all these moving parts and see how the price is acting in different time frames. 

More EOS News

Tron Price Analysis: TRX/USD defends $0140 support for the second time

Tron has been disintegrating since the highs formed in November at $0.0230. The buyers tried to nurse initial losses in a range between $0.0180 and $0.0200 but failed. 

More Tron News

Bitcoin Cash price analysis: 20-day Bollinger jaw narrows considerably as market volatility goes down

BCH/USD has dropped from $206.65 to $206 in this early hours of Wednesday and is on course to chart its third straight bearish day. The hourly breakdown of Tue ...

More Bitcoin Cash News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: It's all about whales again

On the cryptocurrency market, regulators, governments and central bankers and other big names like that are inferior to whales when it comes to generating trends and price movements.

Read the weekly forecast

BTC

ETH

XRP