Brits Go to BTC As GBP Plummets Against USD

Brits Go to BTC As GBP Plummets Against USD

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Jonathan
Jonathan

An editor at Coincrop


30 Sept 2022 | 2 min read
11,669 views

B

itcoin (BTC) has been winning the attention of British investors as the value of the British pound (GBP) against the dollar (USD) has decreased.

According to a recent Cryptocurrency Research Data analysis by James Butterfill, the head of research at Europe's biggest digital asset investment firm CoinShares, Bitcoin trading volumes have exploded against GBP in the previous few days.

On September 27th Bitcoin's volume against GBP grew more than 1,400%, going from an average of $70 million to $881 million. Although compared to trading volumes against other currency pairs such as the dollar and euro were less significant that day.

He is alluding to past events where economic downturns have led citizens to search for stability in Bitcoin and other cryptocurrencies. This has been seen in countries like Turkey, Venezuela, Argentina, and Nigeria, where crypto adoption rates seem to be increasing.


Jonathan

Jonathan

An editor at Coincrop
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Jonathan is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely sailing.


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