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Brits Are Turning to Bitcoin as The Value of The Pound Against the US Dollar Plummets

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26-09-2022

British investors are becoming more interested in Bitcoin (BTC) since the value of the pound (GBP) relative to the dollar has fallen.


Data initially brought to light by James Butterfill, head of research at CoinShares, Europe's largest digital asset investing company, shows that Bitcoin trading volumes have exploded against the British pound in recent days.

According to the statistics, on September 27, Bitcoin volumes versus the British pound increased by nearly 1,400%, from an average of $70 million to $881 million. In contrast, trade volumes on the day were lower versus other currency pairings including the dollar, the dollar-pegged stablecoin USDT, and the euro.


When a fiat currency is in danger, investors tend to embrace Bitcoin, according to Butterfill's analysis of the data.


His statement is in relation to historical observations in which country residents sought stability in Bitcoin and the wider crypto markets after currency meltdowns. The pattern has been observed in nations where the adoption of cryptocurrencies by the populace appears to be on the rise, like Turkey, Venezuela, Argentina, and even Nigeria.