Blockchain.com Unveils British Pound Gateway to The Pit as Investors Seek Safe Havens

The Game-Changer: A GBP Gateway

Blockchain.com, the well-known cryptocurrency data and wallet provider based in the United Kingdom, has just made a significant move by introducing a British pound (GBP) gateway to its crypto exchange, known as The Pit. This addition allows users to purchase cryptocurrencies directly with GBP, thanks to the U.K.’s Fast Payments Scheme, which is designed for near-instant transactions between British banks.

Record-Breaking Deposits

As we inch closer to Brexit, it seems U.K. users are taking a keen interest in cryptocurrencies. According to Xen Baynham-Herd, Blockchain’s executive vice president of product, there’s been a staggering increase in first-time deposits from new users in the U.K. The newly minted GBP gateway is likely to further enhance the deposit and withdrawal experience for these users, paving the way for a broader crypto adoption.

Cryptocurrencies as Safe Havens

With Brexit looming like a dark cloud, investors are understandably anxious. Reflecting on this uncertainty, Baynham-Herd argues that cryptocurrencies, and Bitcoin in particular, can serve as a “safe haven” investment. He points out, “Bitcoin, despite being virtual, is the world’s hardest asset.” In times of economic turbulence, who wouldn’t want to hedge their bets with a little Bitcoin?

The Volatility Tango: U.K. Economic Outlook

As the U.K. braces itself for a potential economic rollercoaster ride post-Brexit, many are turning to alternative investments. Baynham-Herd predicts that both retail and institutional investors could increasingly find Bitcoin to be an attractive shield against the geopolitical and economic upheaval on the horizon. With ongoing negotiations with partners, including the EU and the U.S., the stakes have never been higher!

A New Era: Bitcoin as an Insurance Policy

Supporting this viewpoint is Travis Kling, an equities portfolio manager turned crypto fund executive, who suggests that Bitcoin stands out as a unique hedge amidst today’s complex macroeconomic landscape. Kling describes Bitcoin as a “non-sovereign, hard cap supply, global, immutable, decentralized digital store of value.” It acts as a remarkable insurance policy against the rampant monetary and fiscal policies of central banks worldwide.

Final Thoughts: Embracing the Change

As the world spins on the axis of unpredictability and the U.K. navigates its Brexit journey, whether you’re a seasoned investor or a curious newcomer, diving into the world of cryptocurrencies may offer your portfolio a protective barrier against the stormy seas ahead. Remember, in turbulent times, it’s good to have a lifeboat—or in this case, some Bitcoin!