Bitcoin Stable While Brits Take to the Streets

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London protests against parliament suspension, August 31 2019

Bitcoin is maintaining a somewhat stable level after rising some 3x since December to around $10,000.

The currency is sidewaying for now in an undicided manner as events reach crossroads in China with the Hong Kong protests, in Italy with Salvini out of power, and most crucially in Britain where protests are taking place across the country.

Thousands have shown up just in London and that’s with the protest only starting at 12PM London time.

That’s after Boris Johnson, the unelected Prime Minister, suspended parliament to the shock of many. An act that for some has now earned him the label of dictator.

Jeremy Corbyn, the labour leader, suddenly might look less objectionable as he grabs the opportunity and backs the protests.

It should be, and it is, about democracy, but one can see how this undemocratic act may become more of a left v right issue.

What happens in the one week period starting on Tuesday determines everything, including perhaps who wins the election.

Suddenly labour doesn’t look very much behind. There’s still a decent gap, but a lot can change during the election campaign.

Presumably everyone wants such election before the 31st of October, but Boris has not called it and it appears very unlikely that he will.

His play instead seems to be to force Corbyn to get parliament to vote no confidence in the new Prime Minister, a vote Boris may let him win.

Corbyn however may well choose not to do so and bank on the act of suspending parliament. Yet that wouldn’t be without risk either.

Libdems have also been put in a difficult position as Corbyn takes the initiative, with the chess board now even more complex than it was.

Yet while Boris could have been appealing to independents, a new question now arises: who do they fear most, Corbyn or Boris?

The act of suspending parliament does make one wonder whether this will be the way Boris governs, in a sort of semi-dictatorial manner.

Would he tear apart our institutions and justify it as technically within his legal right? Is he a bit Machiavellian?

Would he behave the same towards Europe, and what would that do to Britain’s relationship with EU?

So the election is likely to be a lot closer than polls suggest and may well be lost by conservatives if it doesn’t occur before Brexit.

For Boris may well meet the same fate as Churchill. Ushered in for one task – technically leaving EU – and ushered out as soon as that is done.

As it stands, Britain leaving without a deal now looks likely. That may well put its Fintech crown in jeopardy as companies like Coinbase already look at the continent.

It is likely because it does not look like Boris is a very good negotiator. Indeed it may in fact be the case that the more people see or hear him, the more people dislike him, hence perhaps his lack of appearance during his own election by party members.

While prior to suspending parliament people may have been a bit ambivalent, now they may well worry that perhaps he does indeed have the aspiration of being king.

Markets for now have not quite reacted as they seem to have already priced in the chance of a no deal, with a slight re-pricing following some resistance to it.

So from a financial perspective, little has changed, but from a political perspective, everything has changed.

Copyrights Trustnodes.com

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