Brexit Breakout

According to a recent U.K. opinion poll, Brexit polls at 47% vs. Bremain at 40%. EU bureaucrats are in proper panic mode now. Britain’s resolve in the face of the usual scare tactics is impressive. When they trotted out Obama in favor of Bremain, that was the beginning of the end.

Last summer when it appeared Greece would liberate itself, Bitcoin moved violently upwards. The real deal is happening on June 23rd. Britain will head the polls and if they flip the bird to the EU, expect a fire to ignite under Bitcoin.

Even though Brexit has a commanding lead in the polls, the jury is still out if when push comes to shove Britain will follow through.

The BitMEX Bitcoin / USD June 2016 Futures contract, XBTM16, is the perfect instrument to play this binary event. XBTM16 expires on June 24th, one day after the Brexit vote. If you are bullish on Brexit, buy the contract on June 23rd when the polls open, if you are bearish sell. In under 24 hours the price will either pop or drop.

The advantage of trading a day before the event is that there will be hardly any time value left on XBTM16. For bulls, it will not cost much in terms of premium to buy the option. For bears, the short gamma will not badly affect you when the price rises if Brexit wins.