Bitcoin has jumped 10% to a recent high of $8888 with it potentially waiting for over $9,000 on unfiltered trading volumes of $28 billion.
Bitcoin begun moving around the same time as the European election results were being revealed in the United Kingdom at 10 PM London time on Sunday.
The Brexit Party won the highest share of the vote, but the two remain parties – Libdems and Greens – won about the same percentage in combination.
Yet conservatives are probably terrified of a general election as the choice would probably be Green Libdems or Nigel Farage’s one man band.
Meaning UK risks leaving Europe without a deal. That would benefit bitcoin because a capital flight might follow. Hence perhaps why price jumped.
The results also showed Italy is in a bit of a mess. They don’t even have a liberalism party there, so they’ve put in government a nationalist through a coalition with M5S.
The economy there is doing pretty badly with almost no growth since the coalition came to power perhaps because they’re not making the reforms needed to liberate their economy rather than making it even more nationalist.
In France too the headlines were that nationalists won, but they lost a seat, down from 24 to 23. Macron’s Libdems gained 14 seats from 9 to 23, with greens at now 13 seats, up 8 seats.
The results therefore are mixed, but for bitcoin they’re positive on two fronts. A rise of nationalists means a more trash economy, which means capital flight, which means some of it will find its way to bitcoin.
While an even bigger rise for classical liberalism through Libdems means bitcoin and cryptos in general will have powerful allies in politics.
That’s because classical liberalism stands for freedom, as of course does bitcoin, and whenever liberalism has gained power, such as in France, they have wholeheartedly promoted this space.
So in that old tradition whatever happens is good for bitcoin. Hence a $1,000 jump.