Last week, the UK voted to exit the European Union. One of the key reasons was to save money as Britain contributed approximately 8 billion pounds to the EU budget. The shockwaves that hit the world following Brexit were hard to ignore. The British pound fell to rates not seen since the 1980s. The British prime minister resigned his post. Countries like Greece and France considered exiting. Meanwhile, many are wondering what impact Brexit will have on online casinos, especially Bitcoin casinos.
Currency Rates Were Impacted
One of the things that occurred immediately after Brexit was the plummeting value of the GBP. The pound’s value tanked to levels not seen since 1985. Investors started talking about gold being the best option. For Bitcoin, the fact that China’s Yuan dropped to a five-year low is concerning. When it comes to Bitcoin’s traders, China is one of the biggest. Having their currency plummet is not ideal, but there’s always been fluctuation on Bitcoin, and it does always seem to bounce back. Within just one day of Brexit, Bitcoin’s value climbed from $550 to $650.
My View Regarding the Bottom Line
In reality, no one truly knows what will happen now that Brexit is a reality. There is speculation that Britain is going to run into serious financial trouble years or decades from now. The Confederation of British Industry speculates that the exit from the European Union will cost billions. The British Treasury went so far as to say that by 3030, British households will spend an extra £4,300 per year as a result of the exit.
Bitcoin casinos may well come out of Brexit looking better than ever. Bitcoin is a safe way to deposit and withdraw casino funds, so it’s unlikely people will turn from the online casinos offering this safe method.