A bitcoin premium of about $120 has developed in Binance’s GBP trading pair where one bitcoin is at $8,430 at the time of writing while on global exchanges it stands at about $8,310.
That’s while the pound continues to fall against the Euro and the dollar, so maybe leading some Brits to hedge with crypto.
The featured image screenshot was taken at the same time as the above chart from Coinbase, with bitcoin demand in the GBP trading pair in Binance’s New Jersey exchange seemingly rising above general global demand.
That’s because chances of a no-deal have increased with MPs voting against a Labour introduced motion which would have paved the way for parliament to block a no-deal Brexit by seizing control of the Commons timetable.
“MPs rejected the cross-party effort by 309 votes to 298… Eight Labour MPs voted against the cross-party motion and a further 13 did not vote. Ten Conservative backbenchers rebelled to back the motion,” says the Independent.
A number of contenders for the conservative leadership, and thus potential default Prime Minister, have suggested they might even suspend parliament to force a no-deal exit through.
How even the suggestion of this proposition will sit with Brexit voters who claim they want Parliament to be sovereign, is not clear, but realistically chances that parliament is suspended are close to zero.
The chances of a no deal exit are however quite unknown. It does appear unrealistic, but then it isn’t quite clear how else Britain can leave in a way that allows it to have trade deals with other nations while not having a border with Ireland.
That squaring of the circle has not been achieved so far and might even be unachievable, hence the sudden rise and rise of Libdems.
Libdems on a Surge
For the first time in living memory, there is a four way race to become the generally elected Prime Minister.
Libdems have overtaken conservatives for a general election and are close to overtaking labour with little distance to even overtake the Brexit Party (BXP).
Much is currently in flux, with Libdems looking to potentially double the number of MPs before a general election.
Chuka Umunna, a well known now former member of the Labour party, has just joined the Liberal Democrats. Vince Cable, the Libdem leader, said:
“For the last three years, Chuka has worked by our side as one of the most redoubtable anti-Brexit campaigners.
We have worked together effectively and defeated the Government dozens of times in Parliament– and helped to ensure Brexit was delayed until October.”
There are suggestions others are to join too, with one of them potentially sending shockwaves in Westminister:
Phillip Lee is a conservative former Justice Minister. He resigned last summer to call for a People’s Vote on Brexit.
Considering the very tiny majority for conservatives even while taking into account their coalition with Northern Ireland’s DUP, Lee turning libdem increases the chance of a no confidence vote and thus a general elections.
Other conservatives may join too as may MPs from labour, so creating effectively a new party under the banner of liberalism which may have a real chance of actually taking power.
A Grand Alliance?
A mix of conservatives and labour MPs in an alliance with yellow united by a vision of a European Britain that strongly stands for civil liberties and social tolerance as well as a free market, but with common sense, would probably be very appealing to both labour and conservative voters as well as independents who generally decide elections.
Libdems are currently a tiny party with just 11 MPs, but wise Vince has perhaps performed a miracle.
He has stood down as leader as he had previously stated he would, but he has also stated he will continue being very active as a politician.
The idea of Vince as the chancellor of Britain would probably have both the old and new excited with optimism as he may well be just the man Britain needs.
The task ahead for Libdems, however, is formidable. First of all, some oldtimer libdem activists may not be too happy with all these newcomers and all the changes that entails to rise to power, but this is a tiny party in much need of modernization.
Jo Swinson, one of the two contenders for the Libdem leadership, recently stated they only have two people working in digital marketing.
That may have allowed labour, conservatives and even the greens to attack libdems with the latter not quite responding very effectively.
Labour, for example, is the party that gave us the Iraq War and the banking collapse, while conservatives gave us this current mess. As for greens, they have no chance of gaining power, so it’s a wasted vote, especially when Libems are very pro-environment.
Swinson’s comments suggests she aims to bruce up marketing operations a bit. There, she could get help from Alister Campbell who was kicked out of labour and, as disliked as he may be, is nonetheless a very experienced strategist.
On the other hand, Swinson says stuff like we should be open to ideas like Universal Basic Income (UBI). Perhaps, maybe in five years, but for now considering how polarizing Brexit is already, maybe it’s a good idea to not be polarizing on other things.
Another idea that should be ditched is this suggestion that because women and other minorities have been discriminated against in the past, now they should be discriminated in favor.
That idea is as anti-liberal as it can be because the aim is obviously to not see color, gender, nationality or religion, only merit. Humans first.
Libdems, however, are a party run by members and tens of thousands of them have joined and keep joining.
That’s both former labour voters and former conservative voters and most importantly many of them are millennials or younger who now find it necessary to get involved in politics for the first time.
So the party’s policies have to appeal to both former left and right and where economics are concerned Vince does that and very well.
Where social matters are concerned, the principles are very clear. Meritocracy above identity politics. No one should see color or gender or anything else, but only their character.
Economics and social matters obviously overlap. One great policy libdems have is taking the poor out of taxes all together. One can dream they’d scrap VAT completely and pay for it by raising taxes on Bezos or even by just making him pay the taxes that are common sensly due, not loopholey due.
As politics changes with a new generation rising, so do parties change. The average age of conservatives members for example, who will choose the next unelected Prime Minister, is the age of 57.
While labour has gone so far to the left, with things like idenity politics and all sorts of policies that would probably even raise taxes on the poor.
Making them both ripe for disruption if libdems continue seizing the chance and start seeing themselves as the common sense party which may even be a government in waiting.
A party that can be that of the millennials and others to shape in their own image to change course from a now falling economy to one of optimism and a booming Britain where there is no color, gender, or any other division, only people and their character.