Below is a direct excerpt from Marty’s Bent. Issue #1269: “Interesting response from the UK” SUBSCRIBE TO NEWSLETTER HERE.
via coin share
This is the chart that has stuck with me all week. This was shared by the team at Coinshares and highlights bitcoin trading volume in the UK as the British pound plunged earlier this week.As you can see, the volume is just below his $900m mark, two years You have reached the highest level. It is difficult to discern the intentions of those who were trading Bitcoin in the UK in large numbers, those looking to capitalize on the rapidly developing arbitrage opportunities, liquidity to service failed trades. It could have been people trying to sell bitcoin to get, or people looking to buy bitcoin as a hedge against a rapid currency depreciation.
We can’t say for sure, but if the volume is driven by Bitcoin safety seekers, it will be a very interesting shift in early digital money goods and how it is being viewed in the broader market. You have to imagine panic starting to set in forex traders investigating the rapid decline of fiat currencies around the world. Especially when currencies such as the pound and yen have been as weak as they have been in the past few weeks. Even with the dollar crashing, it’s the most sophisticated shit in the pile. Given the problems that exist across the U.S. economy, the relative strength doesn’t seem all that great. Inflation is high, energy policy is suicidal, and rising interest rates are starting to hit American consumers hard, especially homeowners and those with chronic medical conditions. A substantial amount of credit.
Taking all this into consideration, it’s not hard to believe that more and more people are starting to realize that Bitcoin is a very attractive asset that can be leveraged as a hedge against this madness. The network is decentralized, its supply is finite, and it can be easily owned without counterparty risk. Compared to other currencies, bonds and stocks in the world of fire, Bitcoin’s superior properties stand out like a thumb. No one knows if the volume out of the UK signals a heightened awareness of Bitcoin’s value proposition, but especially given how much wealth has been destroyed so far this year, this potential We need to know the trends.
(sauce)
