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Bitcoin price surges in light of Brexit mayhem

By Ramla Soni

The price of Bitcoin (BTC) has risen in the last 24 hours amid global economic uncertainty.

Bitcoin rose above $10,000 overnight, taking it back above the milestone it fell below after a flash crash at the end of August.

Other cryptocurrencies such as Ethereum (ETH), Ripple (XRP) and Bitcoin Cash (BCH) also experienced a price boost.It has previously been predicted that bitcoin will reach record highs if the UK leaves the European Union without a deal, according to the Independent.

Amidst all the recent political and economic uncertainty, Gold and Bitcoin remain some of the most viable assets to hedge one's wealth from shocks and disruptions.

Nevertheless, Bitcoin’s performance is stronger than Gold due to its low storage costs and decentralised nature.

The prospect of an economically damaging Brexit, together with increased trade tariffs between China and the U.S. has helped contribute to Bitcoin’s popularity in price.

Although it has nearly tripled in price since the start of the year it still remains far off its record price of close to $20,000, which it reached in late 2017.

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