News

Brexit leads to bitcoin surge

June 27, 2016

Bitcoin's value hit $650 this weekend in the aftermath of the U.K.'s decision to leave the EU, known as Brexit. Following the decision, the pound plummeted in value, and many Brits turned to bitcoin, according to numerous news reports.

Bitcoin prices have been in flux recently, falling from $750 to under $600 in the less than a week, then rising to $650 after the Brexit decision.

"Rightly or wrongly, bitcoin is establishing itself as a safe-haven asset," said Darin Stanchfield, CEO of KeepKey. "Interest in cryptocurrencies is generally on the rise. The volatility of government-backed currencies provides additional wind for that sail."