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Brexit boost for Bitcoin if Euro tanks

The UK’s vote to leave the EU could spark the decline of the Euro and in turn boost the value of Bitcoin. That’s according to Global Advisors Bitcoin Investment Fund (GABI) owner Russell Newton, and former JPMorgan commodities strategist, who wrote in an email to investors: “If – or when – we see the break up of the zone and the currency, I believe Bitcoin will fill some of the vacuum. Bitcoin’s inverse correlation to weakness in fiat currency regimes around the world has been seen many times and very markedly in the run up to the Brexit.”

 Newton predicts that Bitcoin’s price will remain robust in July, and that ether will become part of an “ecosystem of blockchain-based solutions”, though Bitcoin is currently more resilient. “Bitcoin and blockchain offer a future filled with creativity, functionality and indeed use cases that we cannot yet conceive,” Newton added. “I believe that Brexit will invoke the feeling, at least in the UK, that bigger, structured, controlled and mandatory management is not the way forward, in politics, life or finance.”

By Scott Thompson

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