As global finance markets start dipping following Britain's vote for Brexit, the price of Bitcoin has risen to $650 (the day before Bitcoin was priced at $550). When markets are volatile, the cryptocurrency is seen as a reasonable alternative. We saw this happen not too long ago following the devaluation of the Chinese currency. Will this lead to stronger faith in the cryptocurrency, or will bitcoin keep acting as a gateway for sporadic currency fluctuations?
The cryptocurrency is notoriously difficult to predict. Its price against the U.S. Dollar rose as high as $1,000 in 2013 and, while it has stabilized somewhat since that landmark valuation, it hit a two-and-a-half year high of nearly $775 on June 17 before cratering nearly 25 percent over the next week.