Bitcoin price may hit new highs as France leaves the EU

Following Brexit, some French politicians have proposed Frexit. As the French presidential election approaches, talk of Frexit has intensified, and some believe that France's departure from the European Union will promote Bitcoin prices to hit new all-time highs.

The euro is a burden

During the 2017 French presidential election, many French politicians talked about Frexit, including presidential candidate Marine Le Pen, who said:

"The euro does not protect anyone, in fact, it is the exact opposite. The euro has been a burden on prices, a burden on jobs, and a burden on the competitiveness of French companies. Without this common currency, the French economy would be much simpler."

On May 8th, Beijing time, the French people will cast their final vote in the country's presidential election. In the first round of voting, two of the 11 presidential candidates stood out, namely Le Pen and Emmanuel Macron.

Far-right Le Pen favors a French exit from the European Union, wants to replace the euro with a basket of new national currencies and has even considered capital controls, while her centrist rival Macron favors reforming the European Union to avoid a French exit.

While Le Pen is reportedly opposed to Bitcoin and has suggested banning cryptocurrencies, Macron, on the other hand, supports experiments with digital currencies and the use of blockchain technology.

French exit from the EU could boost Bitcoin’s price

Similar to Brexit last June, if France eventually leaves the European Union, it will have a positive impact on Bitcoin prices.

With the upcoming elections, the future of France is uncertain, according to European Bitcoin startup Bitwala:

“Bitcoin experienced a 25% price increase the day before Brexit.”

The startup added:

“Uncertainty over the value of the euro and Swiss franc a day after the French referendum on Brexit will increase demand for cryptocurrencies.”

If France really withdraws from the EU, what impact do you think it will have on cryptocurrencies such as Bitcoin? Feel free to share your thoughts.