Bitcoin Buyers Seek Haven From British Pound After Brexit Vote
- Exchange Kraken has seen its pound and euro trading double
- Kraken CEO: ‘People are looking for a safe place’ for funds
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Demand surged for bitcoin as a safe haven from the British pound, which plummeted after the U.K. voted to leave the European Union.
The pound fell to its lowest in more than 30 years, driving demand for assets such as U.S. Treasuries and gold. Stocks and bonds also fell, amid concerns that the U.K.’s exit from the European Union could hurt the world’s economy. Bitcoin, a digital currency unconnected to any government or central bank, is often sought as a haven by holders of currencies that are declining, or that are not fully convertible, such as Chinese renminbi.