Bitcoin Trading Volumes Against British Pound Skyrocket Over 1100% Amid UK's Economic Turmoil

Adrian Zmudzinski

September 29, 2022

Bitcoin (CRYPTO: BTC) could make strides in the United Kingdom, amid fears of monetary instability affecting the British pound (GBP), some experts suggest.

What Happened: Market data shared on Sept. 27 by James Butterfill — head of research at digital asset manager CoinShares — shows that Bitcoin trading volume against the British pound reached $881 million on Sept. 26. The average daily BTC/GBP volume is just $70 million, showing an increase compared to the standard of nearly 1,160%.

See Also: How To Buy Cryptocurrency In The UK

Gabor Gurbacs, a strategy adviser at investment giant VanEck, wrote that "the United Kingdom will get orange-pilled very quickly given GBP volatility" in a Twitter thread initiated on Sept. 26. He suggested that the U.K. being now outside the European Union gets a chance to become a Bitcoin hub and noted that he expects local leaders to "use this opportunity reasonably well."

While he admitted that his hopes concerning the United Kingdom's adoption of Bitcoin "might be too optimistic," Gurbacs said that he would not be surprised "if G20 countries started taking Bitcoin more seriously" and treating it as a hedge against its policies — just like gold."

A recent analysis explained why UK's new fiscal policies, under new Prime Minister Liz Truss, are believed to have led to the crash.

Read Next: Ray Dalio Says UK Operating 'Like An Emerging Country,' Spending Plan 'Suggests Incompetence'

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