On Dec. 19, the executive vice president of product at Blockchain, Xen Baynham-Herd said that the exchange has seen a record number of first-time deposits from U.K. users. Pit’s new gateway will enable users to purchase crypto using British pounds via U.K.’s Fast Payments Scheme. An infrastructure designed to provide near-instant transaction settlement times for payments between different British banks.
Purchasing Crypto Using British Pounds via U.K.’s Fast Payments Scheme
With the U.K. economy braced for its Brexit shock following the recent electoral success of Boris Johson and his hardline Brexiteer cabinet — Baynham-Herd said that cryptocurrencies are well-positioned to serve as a “safe haven” investment for Brits:
“Bitcoin, despite being virtual, is the world’s hardest asset. Throughout history, savvy investors have relied on hard assets (like gold) to manage risk and protect long-term value in the face of instability and economic downturns.”
Bitcoin An Attractive Hedge Against Uncertain Geopolitical and Macroeconomic Times
Baynham-Herd adds that for both retail and institutional investors, Bitcoin could become “an increasingly attractive hedge” against the uncertain geopolitical and macroeconomic cards they have been dealt with.
Looking beyond the U.K. Baynham-Herd proposes that:
“An event like Brexit, a global recession, or sovereign debt restructuring, could motivate more people to adopt Bitcoin and cryptocurrencies.”
Baynham-Herd’s argument has been supported by Travis Kling an equities portfolio manager turned crypto fund executive who argues that Bitcoin has come into its own as a unique hedge within the present macroeconomic climate.