Brexit vote might turn investors to Bitcoin

Bitcoin has been soaring on Friday, June 24th. Bitcoin is trading at USD 667.41 per unit, from USD 582.92 on June 23rd.

Bitcoin’s gains contrast to many major currencies, after UK voters made the decision to leave the European Union in a referendum on Thursday. The move has pushed the British pound’s exchange rate down 2.3% against the USD on Friday and the EUR by 0.8%, according to fortune.com.

After vote results came, investors started to invest in the US dollar, which apparently won’t be impacted nearly as much as the euro or pound in the wake of Brexit, the site continues. But investors have also found some value in Bitcoin.

However, Bitcoin price has varied lately. On June 18 Bitcoin reached a two-year high of USD 774 per unit, but on June 22nd was down to a low of USD 551. Speculation abounded over why Bitcoin was cratering, but CoinDesk sources said that it was likely due to concerns that the UK would remain in the European Union. Others blamed it on the ongoing saga of who created the currency and the rise of Ethereum, a follow-up to Bitcoin that some say, is a more versatile cryptocurrency, according to fortune.com.