Home Crypto Bitcoin demand is rising in the UK, as the British Pound struggles

Bitcoin demand is rising in the UK, as the British Pound struggles


Understanding Bitcoin’s (BTC) valuation against various currencies isn’t merely a matter of numbers — it’s about grasping global economic tides, gauging investor sentiment, and pinpointing geopolitical fluctuations. We can learn about regional economic health and investor behavior by comparing Bitcoin with different fiat currency pairs.

Recent market trends show a marked difference between the BTCUSD trading pair and the BTCGBP. Despite both pairs’ growth in the last 30 days, the BTCGBP trading pair consistently outperformed their USD counterpart.

Graph comparing BTCUSD and BTCGBP on Bitstamp between Aug. 28 and Sep. 28, 2023. (Source: TradingView).

This divergence might not just be a result of increased Bitcoin demand in the UK, but also an indicator of the pound’s relative weakness against both the USD and Bitcoin. Several factors could be behind the increased interest among GBP users in Bitcoin. Bitcoin could be used as a hedge against further GBP depreciation by investors due to its declining value. Bitcoin is also becoming more popular as a safe haven against the global economic downturn.

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