As we reach September many will argue that 2016 has seen a year of upheaval within the United Kingdom. Big political decisions have resulted in the UK successfully exercising its right to democracy and many members of our society will tell you that this will have far reaching consequences. Whether you are a Brexit supporter or Brexit cynic, there can be no doubt that the recent referendum has had a profound effect on our beloved Great British Pound.
As of this week the pound was down a further 1.5% against the dollar. Currently the pound is sitting at around $1.3120 for the dollar and at €1.1799 at for the Euro. While this wasn’t completely out of the blue, market analysts are expecting a fresh wave of Brexit-impacted data to have further detrimental effect on the GBP and even the UK index as a whole.
This drop has naturally affected many business and organisations such as the pharmaceutical company Hikma which suffered a dramatic plunge with its shares down a massive 17% leading the company to explain that such a fall would result in a drop in profits for one of its generic drug facilities. The well-known insurance provider Aviva actually benefited with a 7% increase leading to a respectable 13% half year rise in operating profits.
We discussed back in June the potential for cryptocurrency to act as a safe haven due to the uncertainty surrounding the pound and whether a potential exit from the EU would hold further consequences. Fast forward a month and here we are discussing the pounds current predicament. With the forecast still looking bleak for the pound perhaps it is time we refresh ourselves on the advantages of cryptocurrencies in these times of economic uncertainty.
What we love about cryptocurrencies are their relative resistance to the usual forces that influence our global economy. Scotcoin hasn’t been affected at all by Brexit nor would it be affected by a financial institution such as an international bank collapsing. In many cases cryptocurrencies benefit from traditional economic failures. This is due to a number of factors – some are simple and some are far more complex! Essentially cryptocurrencies are not controlled by a bank, they are not regulated by the government (as of yet) and their value is based on their trade interaction between users.
While some circumstances can cause currencies to fluctuate more dramatically than usual – no currency can ever be completely stable – now is a prime time to invest in Scotcoin as an alternative to traditional fiat currencies. Because there is a finite number of Scotcoins ( there will only ever be 1 billion), our goal is to grow the overall value of Scotcoin exponentially over a period of time. With this in mind why wouldn’t you want to buy a product that is currently on the up as opposed to the poor, downward trending pound Sterling? And do you really want so little interest on those pounds in the bank that you can’t even buy a packet of crisps? Check out our exchange or send us a tweet, text, email or call and we’ll be happy to help! “