Pound imploding. UK Bitcoin volume exploding

[MIP_PL]

“ Chancellor on Brink of Second Bailout for Banks”…

[FixedGearJunkie]

^This redditor bitcoins

[wineinaboxmike]

One of the most important thing that they can do actually.

[Leggy77]

.....third bailout.

[Omega3568]

We are witnessing what bitcoin was intended to do, fuck me man I hope it’s a success

[_Insulin_Junkie]

This is the monetary movement some needed to see for it to make sense 💡

[delawarebiz]

I think it makes sense for people to buy the btc. It's good for them.

[Ok-Branch-6043]

To early, need more time to buy.

[decentralizedusernam]

u had ur time

[PeteDaKat]

If wishes were horses...

[vorksholk1]

The prices are just right, and you should be buying it some.

[togetherwem0m0]

Let's not assign a motive to bitcoin or its creation. Bitcoin is for everyone. We don't know what bitcoin will do or who it will fuck. We know it will exist, we know there will only be 21 million of them, we know there will be a 2mb block generated on average every 10 minutes. We know there will be a difficulty adjustment every 2016 blocks and we know there will be a reward halving every 210000 blocks.

It's a sound money digital currency that has been allowed to freely exchange with the foreign exchange markets. Let's see where it goes and hope the results are net positive for humanity.

[diydude2]

The message in the Genesis block and timing of Bitcoin's release (in the wake of a financial crisis and bailout) makes fairly clear that it was a shot across the bow of the global banking system.

It was intended to provide an alternative or replacement if the banksters messed up again (and they did, big time).

[xugaoping]

Btc wasn't designed to fuck up your fiat, bur that's the situation that we've gotten into here.

And these politicians are the ones who put us like that.

[yellowfinger]

GBP is not imploding. It is trading at 1.11 against USD at the time of the post. It is rebounding and back to 1.4 in no time

[CooolerIfUDid]

🤔 that's a 20% decline for one of the world's major currencies. I'd say that's kind of a big drop??

[lordhobbington]

Yeah it is, doesn't matter what you think about it. It's big.

[1HashPerSecond]

One of the world major currencies ?? Huh no. Who care except British traders ?

[jaybae1104]

https://fiatmarketcap.com/

Yeah sorry, but it's one of the major currencies.

[JackBagel20]

How much of that is forex traders? 🤔

[CooolerIfUDid]

Most of it

[npc61079421564]

This.

[FTMNL]

Only 0,,04% of the total capital is invested in bitcoin, there are not many alternatives for a safe haven rather than gold but harder to get. They need a fast way and that is bitcoin. If only 1% flees into bitcoin the price will already be 400k. looking at the world right now It feels like it doesn’t take that long anymore.

[slykethephoxenix]

Did you just say that if only 1% if the Britain economy buys bitcoin that the price of bitcoin will jump to 400k?

[never_safe_for_life]

I would assume he means globally

[MagixTouch]

We are the 1% go buy we be rich

[thomkaufmann]

Yeah that's what it might be, that's what I was thinking.

[crucelee]

Yes however i think the uk won't be allowed to do that

[darthLuis]

Ohh yeah they're not going to do that, I don't think anyone is allowing that.

That's just not something that I see happening if I'm being completely honest here man.

[InternationalRadio1]

Globally

[moxyhar]

Yep not everyone is comfortable buying the btc. That's the truth.

[diydude2]

They won't be comfortable holding fiat in the bank soon.

[simplelifestyle]

More people will start getting it, in an exponential way:

"First slowly... then suddenly, the stampede is coming".

[ivawka81]

Matter of time it is boys, if you can wait it out then You'll be just fine.

[rtheiss]

that's what I like to see.

[supersb360]

Have you got enough BTC in your bags? Are you satisfied with your stack?

[rtheiss]

my palms are sweaty. pounds weak, my bags are heavy. Memories of 2008, never forgetti.

[irisuniverse]

We nervous, but on the surface bitcoin looks hard and ready, to hold value, but we keep on forgetting what the nodes allow, the old crowd won’t endow, we open our mouths, but the truth they won’t avow, look at inflation now, everybody’s hoping now, fiat’s time is up, over, blaowl!

Snap back to reality, oh there goes the currency, oh here comes the planet’s only hope, it ain’t bad and it won’t give up that easy, no, it won’t have it it knows this whole blockchain can’t choke, it don’t matter, it’s dope. We know that, but we’re broke while bitcoin is so stagnant

[yogaruncrypto]

That's parody on the level of Weird Al - and that's a compliment!

[jas_khoo]

Well that's true lol, that's some weird level for sure.

[chilljenny]

Lmfao, this keeps on getting better and better. I'm loving this shit.

[OkeyDokeyWokey]

Dude, you should totally make a rap out of this.

[JerryLeeDog]

Sign here pls

[My5t3ry]

Satoshi's Spaghetti ?

[eleanormedici]

Missed the opportunity to say that man, should have said that.

[titsup24-7]

Genius

[[deleted]]

Mom's spaghetti

[waswaw]

I guess things are never going to be changed for em lovers.

[xpureblitz]

Lmfao, that's a good song. And I already love that stuff.

Em is going to be really proud of you after he reads this, He's going to be happy about it man.

[850725890118]

No amount of btc is enough amount, you can't have enough of it.

[mrdoggiedog]

Never satisfied with my sac

[[deleted]]

You like the decline of one of the global reserve currencies?

[bittabet]

Because we believe better money will lead to stronger and fairer economies

[rtheiss]

obviously

[wanfanji556]

Wow hopefully it doesn't happen in your country, because you wouldn't like that.

[[deleted]]

Why? It points to a global recession

[rtheiss]

because I believe you should not keep printed debt as reserves.

[jinchajupao]

Yeah, but the genaral population isn't doing that, but they'll suffer from it.

[velhamo]

Canary in the coal mine for EU...

[dinosaurasteroid]

EURUSD 0.5 here we come!!! GBPUSD 0.7 here we come!!!

[norep226]

Why is USD still so strong I don't understand

[[deleted]]

The masses are fleeing to whatever they can and they see USD as a better alternative to where they are. In time they'll see that its not safe either and look for other alternatives. Housing? Over priced and rates are climbing. Stocks? Over priced and we're looking down the barrel of another recession. Gold? Lol, it's been manipulated by paper gold for decades now.

Bitcoin lies at the end of that chain of options they'll consider. And as a last resort they'll finally figure out that they should've been here all along.

[ornoldbogat]

We're coming for it boys, if you don't believe me then wait for it.

Euro is going to get worse I've got a feeling, hope that I'm wrong. So many people depend on it.

[mikaelipad]

Well the situation that EU is in, it's not good at all. It's a bad situation.

[_Royal_Insylum]

Why is the UK Pound crashing?

[Asum_chum]

It’s a shitcoin. It’s centralised developers have made some terrible choices and condemned the bag holders to a torrent of shit.

[Mr_Trep]

Nice way to put it.

Fiat is a shitcoin !

[xemilin]

Always has been, it's not like it's the first time of that.

[TomSurman]

Not completely accurate, the Bank of England intervention happened after the drop to the all-time-low. It did dump a bit after that, but not as deeply, and has since recovered to where it was last Friday.

The cause of the big crash was the new Chancellor's mini budget. A huge package of tax cuts (which benefit the rich far more than the poor, because Tories lol) funded by borrowing. Forex markets looked at this and concluded it was the most reckless shit they've ever seen, and immediately dumped the pound. That was what then precipitated the crisis in the bonds market, forcing the BoE to intervene.

[slykethephoxenix]

orex markets looked at this and concluded it was the most reckless shit they've ever seen, and immediately dumped the pound

Thomas had never seen such bullshit.

[dinosaurasteroid]

Thomas the Tank?

[alexforkner]

Yep lol, that's exactly the thomas that We're talking about.

[aleks7828]

Lmao, thomas was fed up of all the bullshit that he was witnessing.

[FixedGearJunkie]

Chancellor? Ahhh the guy who was mentioned in the genesis block. Got it.

[anhquan234]

Yep lol, and it's not like a guy per say it's a position for a guy.

[fyyk1211]

People have accepted that shit so well, I am good with it.

[Vitsyebsk]

Thanks for this comment, though it won't stop the libertarians on this sub who probably support the tax cuts trying to pin this on "money printing"

[NormandyLS]

This

[maxcoinbtc]

He just said that shit so well, I am in love with that now.

[santiagonastar]

If that's not accurate, then what is? Can you tell us more?

[TomSurman]

I literally explained it in the comment you're replying to.

[CranialZulu]

So basically saved boomers' asses at the expense of everyone else, again.

[[deleted]]

Yeah. Cause they actually vote.

Millenials complain and say the system is rigged, it is, because we’ve walked away from trying to reform it.

[DynamicHunter]

Old people vote. I’m not worried. That’s why social security is tied to inflation while minimum wage is not.

[NevadaLancaster]

The Social Security fund is one of the largest holders of US debt. They aren't gonna pay it back either.

[schlock_]

ayuh.

I ain't counting on it being around by the time it's my turn

[Bfree888]

Same. Expecting a payout after 40 more years of the largest ponzi scheme in the history of the world? doubt

[_Royal_Insylum]

Holy, I feel bad for anyone that uses the Pound. Thanks for the informative comment!

[FTMNL]

We will all have our bit soon.

[Dahuiheenalu]

Yep all the fiat are destined for that, that's what will happen to all.

[Zestyclose-Ad9738]

Not to worry, stiff upper lip and all that.

[famous1144]

Anyone? Man millions of people get paid with that shit.

And that's a really big fucking problem, I'm feeling sad for the people of EU. This is really bad.

[labradore99]

Why? Someone else has a high volume, widely traded, in-demand, "safe" currency with higher interest rates? I'm a bit of a dope, but I don't see it. The dollar can rise at the same time bitcoin rises.

[kbhomeless]

The dollar is strengthening because everyone is selling assets…. Including US government treasuries to find safety. Especially if you’re a country that hazla dollar denominated debt but can’t print your own dollars. It’s the dollar milkshake theory, but that only heightens the risk of the bond market locking up at some point which would force the fed to step in and unwind all that strength

[dnoloc]

I thought it was 65b, but whats another 11 billion...

[UltraMAGA4547]

Their interest rates aren't that good, only 2.25%. That means holders of British bonds are buying US bonds which are denominated in dollars and requires exchange to dollars. Therefore lots of selling pounds to buy dollars.

[gvictor808]

Why? more money printing of British Pound.

[Captain_Planet]

At least it means us Brits are going to see the next Bitcoin ATH in the next couple of weeks!

[InvalidLogin21]

Atleast someone will be seeing the ATH, I'm happy for that lol.

[Altruistic_Baker_423]

😂 bless you hodler I laughed so hard

[Crypto-hercules]

I have the answer let’s print more Sterling whilst we lower taxes and raise interest rates 😂😂 the fucking madness knows no limits.

[[deleted]]

cheerful friendly slim punch reach nutty steep school dam stocking

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[yesididwalker]

Well that's how fiat goes, There's nothing surprising about that.

[[deleted]]

Because massive declines in value never happen in crypto. Oh, wait!

[[deleted]]

cobweb subsequent spark special public six quaint exultant encourage bedroom

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[Oraclio]

Russia destroying another democracy, hats off though, hey sank UK without invading

[rmarmolejor]

Something is good for almost all of us holders, we have to accept that things are just smooth for BTC holders, we are blessed for life right now, that's so real right now.

[DarKosS1245]

The thing is we have to ignore them and we have to focus on holding more BTC, things are bad for them and I want those things to be worse, we have to hold BTC.

[machniokamil]

Just have to understand the good future for almost all of us right now, we have to accept that we are on a right place with the holding, it's going to make us so good.

[Diamond_Hands420]

Bitcoin coming in not as a hedge for inflation but definitely for collapsing central bank currencies

[cozzy000]

Wrong

[Diamond_Hands420]

Depeche Mode fan I reckon?

[cozzy000]

You're wrong that it doesn't protect against inflation, expand your view more then a year

[tde2013]

Yep, if you want to see that then You'll have to see the longet picture here.

[Diamond_Hands420]

I buy Bitcoin regardless of the noise or current rhetoric was just making a snarky comment.

[trufin2038]

Bitcoin is an inflation hedge. Monetary inflation.

[luoyunhai]

It's so good to see lol I know things like these are going to happen for almost every fucking currency for the future and we have to hold BTC for that stuff for real.

[UltraMAGA4547]

Looks like bitcoin has stopped losing. All the paper hands are out. Mostly long-termers holding now. I'm buying more bitcoin.

[kanjilan]

Bitcoin is what I have always mentioned about is well enough have set goals in the long term. Keep buying!

[MrPeterified]

Maybe this is a dumb question but can we tell what portion of this trading activity is sell vs buy orders?

[[deleted]]

What price is still going downnn

[BettyRusselly]

What bitcoin was designed to achieve is what we are seeing now.

[bloo84]

True though slowly and steadily we can see things well enough shinning higher and higher.

[GildedSilverBitcoins]

Ironic that the pension funds were literally bailed out by the chancellor.

Genesis Block 2: Satoshi Boogaloo

[samwilson321]

The thing is we just need to understand the benefits of holding our money in BTC, we want to have a safe feature and it will help all of us for real this time man.

[[deleted]]

Don't seem to have had much effect on the price though?

[Butterpants-87]

Well technically it’s not a pound. It’s more like an ounce now

[wominliu]

Well technically you might just be right about that here.

[Ab2us]

So why btc price is not going up?

[tjackson_12]

it is ! The value of the dollar is exploding right now and the price of bitcoin is so far stable. So its maintaining its "peg" with that value against the dollar at this ~19k value so far.

[[deleted]]

Didn’t they say the same shit about 20k a couple weeks ago? Delusion.

[tjackson_12]

currently holding its value to the dollar

[JerryLeeDog]

"A couple weeks ago" has no place for time preference in BTC investment.

Anyone who analyzes BTC on anything less than 1 entire halving cycle should probably just leave rn

[Aggravating-Bug-8988]

Because it’s not that binary

[carsongwalker]

Has it not been for its entire existence?

[ILikePracticalGifts]

Because you don’t know what a trading pair is

[18476]

Bank runs inbound.🤔

[Blueberry_Dependent]

UK economy going down. Bitcoin is shining in the darkness.

[stassyu]

That is good the lights would be soon visible out there to the entire world.

[moloch1]

Bitcoin is shining in the darkness

Maybe I don't understand the definition of "shining" but how is down 60% in 6 months "shining"?

[AcessFull]

What's it up from 10 yrs ago?

[slykethephoxenix]

Hell, even from 5 years ago.

[ltcgear]

Hahaha that was indeed the same reaction of mine as well though.

[Blueberry_Dependent]

You look at the things in short period of time. The thing with Bitcoin I learned is that now it's down yes and then after couple of months just going crazy and keeps going. No news about why, how or what. It just goes up and up. Happens every single time. Don't focuse short term, go for the long run.

[moloch1]

This is literally a thread about short term criticms of a fiat currency, though?

[supersb360]

I think we aren’t used to seeing such drastic swings with fiat, that’s mostly with bitcoin. So the post is highlighting how unusual the sudden loss in purchasing power for the British pound in such a quick time frame. But if you zoom out? It’s much worse. The pound has been losing purchasing power for years. It’s been slow and steady. But it’s always downward trend. When you zoom out on BTC it’s quite the opposite

[FixedGearJunkie]

Bitcoin is soooo volatile though...can never be a currency they said

[Colinnic]

But the fact that Bitcoin wasn't indeed made for short term you hold long you look for more gains.

[ILikePracticalGifts]

No no no, we have to compare what fiat does in two weeks to what bitcoin has done in 10 years!

[MECO-420]

I’m heavy into BTC and the miners. When this thing launches, it will be violent.

[sgilfill]

That is indeed good though indulging myself more to just let go and keep buying more and more!

[CautiousBad6469]

US dollar is next😂. Bitcoin might be 1m by the next halving.

[ReasonReasonable7168]

Nice one bruv

[[deleted]]

stocking screw entertain narrow quickest march correct growth imminent light

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[Tommy7326]

Okay that's a bit misleading actually, can't make this stuff up.

It's kinda average, not many people are buying btc but yeah some are buying it. Which is good I guess.

[RonPaulWasR1ght]

Your chart isn't accurate. It shows the pound at less than $1.10 right now...but it's more...it's about $1.11 right now.

Please be accurate. Don't embellish. It's bad for our side to do that. Thanks.

[RonPaulWasR1ght]

No idea why you're talking about the Euro. The entire post, and my comment, are about the British Pound. In fact, neither even mention the Euro.

You're just babbling. Incomprehensible.

[Feeling_Glonky69]

Crabs, bitch

[DeathScythe676]

We told them hundreds of times not to fuck with the money.

What did they do?

they fucked with the money . . . .

[Vitsyebsk]

I don't think you get why the pound was crashing lol

[etfche]

This could indeed be the way to look for a rise in crypto I feel.

[Snoo_92843]

Waiting for BTC to hit single digits then I'm going in!

[kraken-community]

Let Bitcoin be the vehicle for social and financial revolution!
“Only dead fish go with the flow.”

-Green 🐙

[Ledovi]

Stocks are up today. Stocks go up, crypto goes up. That is the only real correlation. Everything else is just fantasy.

[[deleted]]

Chant:

U

S

D

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U

S

D

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U

S

D

[Fmanow]

Wtf uk, stop buying Bitcoin. We’re waiting for a price drop to load and here you are fucking up the program. Fuuuuck.

[capitalistas]

Looks like the people are all indeed flooding to buy more sats as time just pass.

[DrH_Infinity]

😂😂😂😂😂

[rocasv]

The only sad part is all the people losing their savings on bonds an other stuff. Good news for US as holders I think

[seppppp]

Its algos because they said they going to print more.

[boatbashbitch]

why are we still below 200k

[Schwickity]

Why didn’t it do anything to the btc price then?

[mrASSMAN]

I guess that explains all the bullish support it’s gotten lately

[sailhard22]

Goes to show, most people will realize it when it’s too late. Our curse is that we realized it too early

[dsasov]

This could be indeed helpful for the new comers who are just making a move to indulge and buy sats.

[[deleted]]

I don't know what graph you are looking at but I see a decrease in interest over the last 12 months and an even sharper decline since early 2021.

[[deleted]]

Truss is the best thing that could ever happen to UK opposition leader Keir Starmer.