Cryptocurrency

29/12/18 05:47 UTC-4

Sky News Report: UK has suffered a fall in cryptocurrency rates

Hundreds of UK companies and retail investors claim that because of the Bitcoin price cut by 80 percent, their income has suffered. A report on the damage to British crypto-investors was made public by a local source, Sky News, as reported by the CCN news agency.

Sky News provided a special report that showed that, along with the investment portfolios of traders, the collapse of Bitcoin prices also negatively affected mortgages, loans, pension and university funds, and insurance policies.

The damage caused by the falling prices of "digital gold" for Asian and American investors is well documented. The new report from Sky News for the first time gives an idea of ​​the extent of the damage caused to UK retail investors, who have begun to invest more and more substantial amounts of money in Bitcoin and cryptocurrency.

 

Damage to the UK after the collapse of cryptocurrency prices

According to the report, the peak of the purchase of cryptocurrencies in Britain was 2017, when the value of one BTC coin reached a maximum of $ 20,000. At that time, many began to buy a crypto-asset in the hope that the price would still grow. There are cases when residents of the UK sold their own homes to buy as many coins as possible.

It also becomes clear from the report that cryptocurrencies have become an effective way to save and accumulate money. Some in the "gold rush" began to invest to create cryptocurrency companies. At the same time, many people also suffered from HYIPsCryptocurrency hyips
– means the process of making money by attracting financial resources of investors to a projectDetails
and cryptocurrency frauds.

Cryptocurrency "boom" is most clearly illustrated in the statistics of registration of new companies allegedly involved in the blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details
ecosystem. And then with information about their closure or ruin.

According to the reports of UK Companies House, in 2018 at least 340 such companies were liquidated and closed, compared to 139 in 2017. Of the closed firms, more than 200 were registered only in 2017. This means that 58 percent of the companies associated with blockchain technology, registered in the UK at the height of Bitcoin-mania, did not survive the price collapse and went bankrupt.

"This (cryptocurrency) included a lot of people, and I think that for the first time I felt that there were many people who really did not understand what they were involved in. Thus, every Uber driver that I had, either invested or thought about it. I knew people who sincerely asked me what coin to invest their children for the university. This is not good. I did not follow them, but I hope they did not." – Hugh Halford-Thompson, investor and trader.

Sky News report that Britain has suffered from the fall of cryptocurrency – the world's first complete statistics on the gold-rush cryptocurrency on the peninsula and its consequences.

Editor: Alyona Nabok

See also: "Undisclosed US cryptocurrency cases: only $ 36 million returned to investors"

#United Kingdom #economy #cryptocurrency #Bitcoin #report #Sky News

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