Bitcoin experts have long understood that political uncertainty is great for the growth of the cryptocurrency, at least in the near future.
This is why the Italian referendum and the victory of “no,” has created speculation that the resignation of Italian Prime Minister Matteo Renzi would increase the price of Bitcoin to $800.
Bitcoin may grow in the near future, as several investors believe that the vote of “no” is a signal of instability within the Italian financial sector, which could lead to a decision for Italy to leave the Eurozone (Italexit).
This “bad” news for Europe may be positive for Bitcoin, as Brexit was a few months ago, even though it doesn’t appear to be that way at the moment.
We have become accustomed to the notion that any drop in the stock market parallels with investors turning to Bitcoin, as the digital currency has often been seen as a financial “safe haven” in times of economic crisis.
However, currently the price of Bitcoin is falling, “maybe because the Italian government is still in office,” explained Italian lawyer Giuseppe Grisorio of the Bitcoin Foundation Puglia.
Нe says, regarding the possibility of an Italexit:
“Much depends on the new government: if the government is far from its citizens, it will exacerbate the gap with the EU. If we go to new elections, a coalition of parties may win curdled on anti-European positions. In any case, the exit from the Eurozone is real.”
Drama for the Italian industry
According to Italian experts, Italy will exit from the Eurozone.
For Wolfgang Münchau, the director of the Financial Times, the defeat of Renzi’s government will be a dramatic event within the Italian industry.
According to him, it will result in the euro flaking and Italy abandoning the European currency, and maybe even the European Union itself.
Of course, at the moment this is only speculation, but it's certainly one of the possible future scenarios that we have to take into consideration.