New Scottish Independence Poll Bodes Well for Bitcoin

Posted in: Archive
Published:
November 3, 2014 1:57 PM UTC

The recent Scottish independence referendum prompted questions about whether or not an independent Scotland would consider adopting bitcoin or another cryptocurrency (such as the Scottish-themed Scotcoin) in lieu of the British pound. Alas, the Scots voted to remain in the United Kingdom, so the discussions proved moot. However, a new  poll indicates the Scots may seek independence again in the future. That could bode well for bitcoin’s future prospects in Scotland.

Also read: Scotland’s Independence Vote, Bitcoin, and the Myth of Free Scottish Banking

Cryptocurrency Could Play a Central Role in the Discussions

Just months after voting 55% to 45% to remain in the United Kingdom, some Scots are having second thoughts about their decision. In a newly released YouGov poll, 52% of Scots now desire independence from the United Kingdom, while 48% desire to maintain the status quo. Cries for independence are echoed within the Scottish Nationalist Party, whose members hold a large number of Scottish political offices and plan to make Scottish independence a central item on their political agenda.

The YouGov poll also indicates two-thirds of Scots desire to see another independence referendum on the ballot within the next ten years. Assuming the next Scottish independence vote occurs during the latter end of that 10-year span and bitcoin continues its current trajectory, cryptocurrency could play a central role in the discussions. In 2014, bitcoin was not ready to become the Scots’ primary currency, but by 2024 that may have changed.

That prediction may seem overly optimistic, but naysayers should remember that October 31 marked the six-year anniversary of  Satoshi Nakamoto’s initial publication of the Bitcoin whitepaper. Bitcoin has gone from existing as little more than an idea to a ~$5 billion valuation in just six years; imagine where it will be in another ten.

What do you think of the possible role of Bitcoin in new discussions about Scottish Independence? Comment below!

Disclosure: The author is fully invested in bitcoin.

Images from DrimaFilm and Shutterstock.

Last modified: June 13, 2020 9:35 PM UTC

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Josiah Wilmoth @Y3llowb1ackbird

Josiah is the US Editor at CCN.com, where he focuses on financial markets. His work has also been featured on Yahoo Finance and Investing.com. He lives in rural Virginia. Connect with him on LinkedIn or email him directly at josiah.wilmoth(at)ccn.com.