Is it Bitcoin’s time to shine? British pound drops to all-time low against the dollar
Cointelegraph
Published Sep 26, 2022 02:24PM ET
Updated Sep 26, 2022 04:00PM ET
On Sept. 26, the British pound hit a record low against the U.S. dollar following the announcement of tax cuts and further debt increases to curb the impact of a possible economic recession. The volatility simply reflects investors' doubts about the government's capacity to withstand the growing costs of living across the region.
The U.S. dollar has been the clear winner as investors seek shelter in the largest global economy, but the British pound's weakness could be a net positive for Bitcoin. The GBP, or British pound, is the world's oldest currency still in use and it has been in continuous use since its inception.
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Written By: Cointelegraph
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