The Great British pound sterling has fallen to the lowest level ever against the United States dollar. In a flurry of overnight trading activity, the pound reached lows of 1 pound = $1.04. It lost 5% of its value in a spiral.
The United Kingdom’s sovereign currency, the pound sterling, is the world’s oldest currency that is still in use today. It is currently clinging above USD-pound parity, since regaining $.03 cents, bouncing to 1 pound = $1.07.
The pound has been on a steady decline against the USD since 2007 and the subsequent financial crisis. While it has lost 20% of its value this year, it has lost half of its value against the dollar over the past 20 years.
Deputy Leader for the Labour Party, the government’s opposition party, was quick to compare the pound to Bitcoin. In a tweet, Angel Raynor criticized the Conservative Party or ‘Tories,’ blaming their management of the economy for the fall in the pound.
This isn’t Bitcoin. It’s the British pound.