How The Post-Brexit World Could Belong To Bitcoin

At 5 p.m. Eastern Standard Time the day of the Brexit vote, the men’s and women’s winner of the ongoing Wimbledon Championships, the professional tennis tournament that is perhaps the biggest international sporting event held in the United Kingdom each year, were slated to receive $3,003,200 in prize money. Less than 24 hours later, that figure had dropped over 9% to $2,727,609, according to a tweet from ESPN sports business reporter Darren Rovell, due to a dramatic free fall in the pound.
While few people will lose sleep over what is likely to be two already highly compensated professional athletes losing out on nearly $300,000, it’s yet another, if minor, illustration of how drastically life changed for some following June 23, when Britons, in a close vote, elected to depart the European Union.
Of course, Britain’s decision to bolt the EU follows years of financial and market turmoil, both in Europe and across the globe. Economies as disparate and geographically disconnected as France, Brazil and Japan are still struggling to cope with the aftershocks from the financial crisis, along with a long list of institutional and structural challenges. As a result, the world’s central bankers are continuing to adopt extraordinary measures in an effort to spur more growth, including, most recently, negative interest rates.

This post was published at Forbes on JUL 6, 2016 @.

Comments are closed.