Bitcoin consultants have long understood that political uncertainty is nice for the expansion of the cryptocurrency, a minimum of in the near future.
That is why the Italian vote and the victory of no, has created speculation that the resignation of Italian Prime Minister Matteo Renzi would increase the value of Bitcoin to $800.
Bitcoin could grow within the near future, as many investors believe that the vote of no may be a signal of instability at intervals the Italian monetary sector, that may lead to a call for Italy to depart the Eurozone. This news for Europe could also be positive for Bitcoin, as Brexit was a number of months past, albeit it does not seem to be that manner nowadays.
We have become conversant in the notion that any call the exchange parallels with investors turning to Bitcoin, because the cryptocurrency has typically been seen as a monetary safe haven in times of economic condition. However, presently the value of Bitcoin is falling, perhaps because the Italian government continues to be in office.
Italian lawyer Giuseppe Grisorio of the Bitcoin Foundation Puglia said:
“Much depends on the new government: if the government is much from its voters, it’ll exacerbate the gap with the EU. If we tend to move to new elections, a coalition of parties could win thick on anti-European positions. In any case, the exit from the Eurozone is real.”
According to Italian consultants, Italian Republic can exit from the Eurozone.For Wolfgang Münchau, the director of the monetary Times, the defeat of Renzi’s government are a drama inside the Italian business.
It will end in the monetary unit flaking and Italy abandoning the euro currency, and perhaps even the European Union itself. Of course, today this can be just speculation; however it’s actually one among the attainable future situations that we’ve got to require into consideration.