Consider the following: In the wake of Brexit earlier this year, the value of the British pound, assumed by most to be a “safe” currency, tumbled overnight. During this same period, the value of bitcoin increased. The same trend was seen after the U.S. presidential election. The stock market took a nosedive, yet during the same period, the value of bitcoin went up.

When taking a look at the industry over the last 12 months, the first quarter of this year saw total investment in blockchain startups topping a staggering $1 billion. But that investment is starting to pull back.