Is now the time for Bitcoin to shine? British pound hits a record low versus the dollar.
As investors seek safety in the biggest global economy, the U.S. dollar has been the clear winner, but could the British pound‘s decline be good for Bitcoin? Following the announcement of tax cuts and additional debt increases to lessen the effects of a potential economic recession on September 26, the British pound hit a record low against the U.S. dollar. As investors seek safety in the biggest global economy, the U.S. dollar has been the clear winner. However, Bitcoin may benefit from the British pound’s decline. The oldest currency that is still in use today is the GBP, or British pound, which has existed since its inception. There has been a 52-year experiment with fiat money. As a result, consumer prices in the United Kingdom rose 9.9 percent in August 2022 compared to the same month the previous year.The government announced the largest tax cut since 1972 on September 22, which led to the British pound falling to an intraday low of $1.038 against the US dollar on September 26. Analysts came to the conclusion that interest rates would need to be sharply raised and that government bond issuance would increase to cover the lower tax. While the GBP’s value decline is shocking,…