As UK Pound Continues to Decline, Bitcoin Volatility Gets Revaluated

Mainstream investors and financial institutions have dismissed Bitcoin as a currency due to its intense volatility. The British pound recently plunged to more than 6% in minutes, crashing various markets and exchanges.
While the British pound came closer to reaching its 31-year low value, the price of Bitcoin continues to surge, reaching $635 with experts presuming a $700 breakout by the end of October.
Since Brexit, the British pound has continued to struggle in dealing with its declining value. The rapid devaluation of the national currency forced a substantial number of financial and Fintech startups to relocate, moving to economically and financially stable regions such as Germany.
Earlier this week, the UK pound plunged more than 6% in a matter of minutes, creating a major upset in the Asian market. Matt Simpson, senior market analyst at ThinkMarkets in Singapore stated:
‘It was just another quiet day in Asia, and then, Bang! All the lights went red.’

This post was published at Coin Telegraph on 2016-10-12.