Why isn't the price of Bitcoin surging even more now that Brexit has been decided?
Big money moves ahead of news.
Bitcoin is not well known, and very few people consider it a safe haven asset (even though it has demonstrated these qualities for several years).
It is difficult to understand and purchasing can require several days of verification.
If you follow "financial news" you'll often see "journalists" say "DOW down 100 points after jobs report" or "DOW up 100 points on leaked earning data"
What is really entertaining is watching the news reports on volatile days. You'll get a news report in the morning when the market is up saying "Market up 3% after positive earnings report" and then in the afternoon "Market falls 2% while OPEC uncertainties loom".
And if you notice very carefully, they never say definitively that it is up or down BECAUSE of these factors, just that they occur at the same time.
The market moves along a stochastic walk, and sometimes that walk crosses certain margin thresholds which activate certain behaviors, which in turn causes large players to make large decisions.
The news is correlative at best, and big money moves ahead of the news.
Why did the stock market rally the day before Brexit? It got within 100 of the right shoulder for the 18 month trend, just to be slapped down. It was a final opportunity to get out of the market ahead before the big crash. Big money pumped the market up, and big money cashed out. The market didn't fall on Friday because a bunch of mom and pops with a couple stocks sold, it fell because giant institutions sold. Monday is when we will start seeing some repercussions. If the market doesn't do a 180 we are looking at banks going under and an entire global game of dominoes coming to a close.
Bitcoin will continue being bitcoin. Sure I'd love it if it were higher, and I dream about it regularly, but as it stands right now at $650, I couldn't be more pleased to be involved in Bitcoin.
Bitcoin represents much more than a vehicle to wealth, it is the most powerful weapon against the modern nation-state, and the most powerful peacemaker on Earth. Bitcoin is far more powerful than any bomb, nuclear or otherwise. No traditional weapon has the potential to cause every nation to fall to its knees without bloodshed.
Many of us are libertarians, and we are celebrating the massive shrinking in government size that the Brits just voted for.
EU was a nice idea and it was sold to us as something that would remove boundaries for free trade between European countries. What it actually became was a massive, socialist, bureaucratic entity that made us bail out banks with tax payer money.
From a libertarian perspective, Brexit is one of the most exciting development is years. Besides bitcoin that is.