Bitcoin Rules London Metro Stations

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Last Updated on 16 December 2020 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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With Brexit only weeks away and billboard prices falling because of the pandemic, commuters in the (still) biggest European capital city London, can’t miss the enormous signs urging them to buy Bitcoin. Given that the pound is dropping like a rock against the Euro and risks continuing its slide next year if Boris decides to turn on the printers, it looks like many Brits will follow the advice. We’ve recently asked whether there was a clear correlation between the Bitcoin price and Brexit and this week it seems like British newspapers are following our lead.

Two Bitcoin exchanges, Coinfloor and Luno are urging Brits to make a profit out of the pending Brexit breakup that Britain faces from Europe. As newspaper The Telegraph noted, many Britons are following the advice and are investing in cryptocurrencies to avoid deflation.

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Footfall in Metro

The CEO of Coinfloor, Mr Obi Nwosu, admitted that this was a once in a lifetime opportunity to rent billboards in the otherwise very expensive London metro, which sees many thousands of people pass billboard spaces every day, a metric known as “footfall”.

He stated:

Prices for prime ad space are highly competitive.

Footfall remains high at major stations, owing to the lockdown ending and Christmas run up. Also, bitcoin is now finally being seen as a bona fide investment for the everyday person and so broader advertising starts making sense.

No deal

Prime Minister Boris Johnson could be willing to let it all end in a “no-deal” as he can then set out his own terms and turn on the money printers, just like the US has shown him. If this is the case, the British Pound is due to deflate even further against a basket of worldwide fiat currencies, such as the Euro and the US dollar.

In fact, at the moment that the Brexit referendum was held, the British Pound traded at 1.40 versus the Euro and dropped to 1.20 in the year that followed. Only a few weeks before the deadline of negotiations, the Euro – Pound value has dropped to 1.10. Analysts expect it to break even with the Euro in case of a no deal. One of the only certainties would be that European holidays would thus become more expensive and the price of Bitcoin would go up for the Brits, due to the deflation of their own fiat currency.