On the 8th of September 2022, it was announced that the United Kingdom’s longest-serving monarch, Queen Elizabeth II died at Balmoral Castle in Scotland at the age of 96 after serving as queen for over 70 years and 7 months.
How Does the Queen’s Death Affect the World’s Economies Including That of The United Kingdom?
The Queen’s death will not have much of an effect on global economy. According to research, statistics showed that the United Kingdom’s share of the global gross domestic product (GDP) adjusted for Purchasing Power Parity (PPP) from 2017 to 2027. In 2021, the United Kingdom’s share of global GDP (in relation to PPP dollars) amounted to about 2.33 percent which is a fairly minimal amount that gives evidence to our statement.
When coming to the United Kingdom though, there will be a large impact as the British economy will cost billions of pounds due to businesses that will have to close down in honor and as per the tradition of mourning the deceased monarch. With many businesses closed, the economy is bound to have a bit of a snake. Moreover, funeral preparations and processions will also prove to be costly. On the day of the Queen’s death and most probably the ensuing day, banks and the stock market will close for the day, only to close again for the second time, approximately ten to fifteen days after the Queen’s death as an official bank holiday would be declared.
Apart from the aforementioned factors that will hit and shake the British economy along with its markets, the currency will have to change. Bank notes will have to be printed from the deceased Queen’s face to the new reigning monarch, King Charles’ face leading to a total transition of the economy that will affect all countries within the UK that use the sterling pound. This will consequently have effects not only on the economy of Britain at large but will have a negative effect on the economy of cities within the UK. In addition to the above stated, British passports will also need to be updated as they currently “request and require in the Name of the late Queen to allow its holders to pass freely without let or hindrance” (via Independent). Similar to bank notes, passport stamps will also have to be remade into bearing the head of the new reigning monarch, King Charles. It is thus evident that we can anticipate a slight decline in the British economy due to the mentioned factors. However, it is also important to note that preparations for the Queen’s passing along with the impact to be felt thereafter were well noted even before her death, thus what we presume and anticipate with the decline of the British economy might not be as intense as thought to be.
What Impact Does the Queen’s Death Have on Crypto Investments?
Queen Elizabeth’s death is not expected to have any negative impact on cryptocurrencies or on any crypto investments. In fact, it might have a slightly positive impact as in 2020, Her Majesty was introduced to crypto (Bitcoin) as she was sent a then “new” edition of the Journal of the British Blockchain Association. The Journal has been called “the world’s first peer-reviewed, scientific blockchain journal.’’ she read contents including “Gender Change Information, Blockchain, GDPR, Prefigurative Post-politics, and Government Led Blockchain Projects,’’ to which she delightedly responded in the form of a letter to the chair of the organisation, Doctor Naseem Naqvi to thank him for the read. “Dear Doctor Naqvi, I have been asked to thank you for sending a copy of the sixth edition of the Journal of the British Blockchain Association,’’ said the Queen. The British Blockchain Association has since been regarded as one of the world’s most influential voices on Blockchain.
Here’s the cool part. According to the Bitcoin Method official site “Bitcoin along with every other form of crypto will not be affected by the Queen’s passing”. Why do you ask? And what makes me so sure? Well, cryptocurrencies are a digital or virtual form of currency (a system of money in general use) that work as an alternative form of payment created using cryptography (the use of encrypted algorithms) to secure transactions.
Cryptocurrencies function both as a currency and an accounting system due to the
mathematical concepts used in the encrypted algorithms. So, in simple terms, Bitcoin
is a digital currency or money that can be mined, used, and exchanged digitally. Due to
the encrypted data that make a unit of a currency, the cryptography makes it nearly
impossible to counterfeit or double-spend the currency. With Bitcoin, the currency (money) is mined (invested) or bought. The money (currency) is then monitored and organized by a peer-to-peer network called a blockchain (which we mentioned above), which further serves as a secure ledger of transactions for the buying, selling, trading, and transferring of the currency. This is in comparison to the money we use generally, which is monitored and controlled by the involvement of a third party in financial transactions in the form of one person, entity, or organization.
In essence, your money, along with your cryptocurrency investments are safe and should not be affected by the late Queen Elizabeth’s passing or factors surrounding her death. The only impact we could somewhat anticipate is bound to a specific location being the UK. With the mentioned factors that will impact the British economy, costing it billions of Pounds, people within the UK are bound to be impacted along with their finances. If people’s finances are impacted that could potentially lead to fewer investments which may have a slight impact on the buying value of crypto. However, such is most likely not going to happen. Rest assured that your investments are saved, yours is to be aware, logical, and consistently analyze the crypto markets in order to make the decisions and actions you deem necessary regarding your crypto investments.
May Queen Elizabeth Rest in Peace.