Brexit has been the talk of the town in recent years. Just in case, let us lead you through some basics.
Brexit is a portmanteau (which is just a fancy word for a blend of words 🤓) of “British” and “Exit” and means the withdrawal of the United Kingdom (UK) from the European Union (EU). We know, the UK is greater than just Britain or even Great Britain, but somehow, the word “UKexit” just doesn’t sound that catchy 😀
Here’s a crash course in modern history
In 2015, David Cameron, the UK Prime Minister at the time, announced that citizens of the UK would hold a referendum on whether or not they wanted the UK to remain a member of the EU.
The actual referendum took place on June 23, 2016. Surprisingly, (or not, if you watched recent documentaries like The Great Hack or Brexit: The Uncivil War), the UK people voted to leave the EU. And then all hell broke loose. There was widespread panic and confusion, as no one really knew how to go about such a project.
Long story short, the UK was supposed to leave the EU on March 29, 2019, but didn’t. Then, a new Brexit date was set for October 31, 2019, which again seems to be postponed to sometime in 2020. What the future holds is very much uncertain.
Why should You care about Brexit?
If you don’t live in the UK, you shouldn’t necessarily worry too much about Brexit. But since the company that operates the ICONOMI platform – ICONOMI Ltd – is situated in the UK, we thought we might provide you with our take on what will or will not happen to our users once (if?) Brexit finally occurs.
What changes for You?
In short – nothing changes. Even though the ICONOMI platform is run by a UK company, you have no reason to worry about. As it now stands, Brexit will not affect our ability to offer you the full scope of services we currently offer our users, and plenty more that are in the pipeline, whether the UK remains part of the EU or leaves the union.
You will still be able to purchase your favourite cryptocurrency or invest in one of our Crypto Funds, maybe even create your own Crypto Fund, and you will continue to be able to do so in EUR, by credit card, or by transferring BTC or ETH to the ICONOMI platform. We will still have a kick-ass app that will allow you to trade and monitor your investments on the go, 24/7. Last but not least, you will still be investing in your future self.
What if things don't go as planned?
We are doing our utmost to monitor the situation around Brexit and (if necessary) react to any events as they unfold. If there is anything that might affect our users, rest assured you’ll be the first ones to know (here and in your mailbox).
We have prepared a Plan B in case something goes terribly wrong with how Brexit progresses. We are even working on Plan C, just in case. This is politics, after all, and we would rather not take our chances.
It’s still business as usual at ICONOMI
As much as media reports concerning Brexit may rattle some of our dear users, we would like to emphasize that at least when it comes to your crypto investments, you are in good hands. We all hope that common sense prevails in the end and there are no unpleasant surprises. But as always, we’re here for you. Every step of the way.
Will Brexit affect cryptocurrency prices?
There were quite a few analyses and surveys about the potential impacts Brexit could have on the cryptocurrency market. As we have said before, we’re in crypto, not the fortune-telling business. However, there seems to be a high level of confidence on the market that Brexit is likely to drive the price of cryptocurrencies up.
According to one survey, for example, 62% of financial analysts believe that Brexit will have a positive impact on cryptocurrency prices, while a post-Brexit Britain could be inclined to take a progressive stance towards cryptocurrency regulation.
Now that you know you don’t have to lose sleep over Brexit
Why not treat yourself to some crypto today? We know you Brits love the Monzo app, so you can use that to deposit money to the platform and then buy bitcoin, ether, or maybe even Crypto Funds!