The United Kingdom should deliberately position itself as a Bitcoin-friendly country alongside Switzerland and Japan to boost the economy of the nation that has been damaged by Brexit.
That’s the opinion of Nigel Green, the CEO of deVere Group, a major independent wealth advisory firm with $12 billion under advisement.
In commentary shared with CCN.com, Green stated that the UK’s economy is facing a high risk of an upcoming recession with Brexit wounding the country’s vital financial services industry.
“Companies across the industry have had to take precautionary action to safeguard their interests. There’s been a steady drain of investment, confidence, talent and activity away from UK financial services – and this is only likely to intensify in the coming months and even more so should the UK leave with no deal.”
According to the deVere CEO, Britain’s financial services sector – that makes up approximately 6.5% of the nation’s overall GDP – could be reinvigorated by creating a pro-business, innovative, and well-regulated market with a focus on attracting cryptocurrency businesses.
“How, then, to reshape and reinvigorate UK financial services in a post-Brexit era? A major part of the answer must be cryptocurrencies,” he stated.
Green believes cryptocurrencies are “unquestionably the future of money” and the UK should use Brexit to its advantage by setting up its own crypto-friendly rules while avoiding the EU’s “notoriously slow and burdensome bureaucratic protocols.”
He further said that the expanding crypto market has “already provided tangible economic benefits” to the economies of other nations. A post-Brexit Britain will have a unique position that would allow the country to achieve even larger progress than other nations, successfully rebooting its financial services sector by embracing cryptocurrencies.
“Whilst other jurisdictions focus on the current, the UK should set its sights on the future to be ahead of the game. The UK is already a thriving global fintech and blockchain hub. This should be capitalized on further,” Green added.
In June, deVere published a press release in which Green predicted Bitcoin would start a major bull run after breaking past the $8,000 barrier against the dollar.
“This could indicate that Bitcoin is on the verge of the next bull run. Crypto history teaches us that periods of low volatility come directly before extended crypto bull runs. Should Bitcoin experience a new run, we can expect it to deliver a boost to the wider crypto market, with other leading cryptocurrencies such as Ethereum, XRP and Litecoin, rallying too,” he stated.
And Green was absolutely right. Bitcoin surged from $8,100 on June 13 – the day deVere published the press release – to $13,800 on June 26 in a massive upswing.
Following a brief pullback, the flagship cryptocurrency is currently trading at $12,378.