According to the UK government’s website, the UK wants to ‘ensure the UK financial services sector remains at the cutting edge of technology, attracting investment and jobs’. But what does this mean for the UK’s financial sector and Bitcoin?
Rishi Sunak is coming into his new role as Prime Minister for the United Kingdom as an avid supporter of Bitcoin and cryptocurrencies. In Apil, he said that he wished to make the UK a crypto hub of the world. Now he is Prime Minster, it would be unsurprising to see a great volume of British resources allocated towards blockchain-based technology, and very possibly a BTC policy to follow.
What kind of crypto applications could Sunak implement?
There are two obvious routes the Prime Minister could pursue. The first is not necessarily the most attractive and might not incorporate the OG crypto in Bitcoin. The PM has long been attracted to the concept of ‘Britcoin’, what would be a Central Bank Digital Currency (CBDC).
Britcoin would, in essence, be a stablecoin, pegged to the value of the UK’s native currency, the Pound. Currently, all stablecoins are pegged to the value of the US dollar and a stablecoin pegged to the price of the Pound would be a very dramatic shift in crypto influence in favour of the United Kingdom.
At present, it is unclear what would currency would be the collateral of a Britcoin. Many current algorithmic stablecoins are supported by a treasury of Bitcoin and Ethereum, and this is certainly a possibility for the UK’s CBDC. What is more likely, is that each Britcoin will be traded in for 1 Pound on a 1-for-1 basis (like Tether or USDT) meaning that Britcoin will be fully backed by the Pound.
The second obvious route the new British PM could pursue would be to begin accumulating BTC and possibly Ethereum inside Britain’s central reserves. This would be mimicking the government in El Salvador, which made Bitcoin legal tender and currently save a large portion of their federal reserves as BTC.
This would no doubt be met with meticulous opposition, as opposing parties would argue that Britain’s federal reserve would directly correlate with the volatility of the Bitcoin price. However, this would be a huge step for the adoption of BTC and wider blockchain-based technologies. The 5th largest economy in the world (according to worlddata.info) turning pro-Bitcoin would send a positive shockwave throughout the world. Would this result in a domino-like effect on the rest of the G7? Do we need to wait for the price of Bitcoin to level out before countries start implementing such a strategy? The next few years will answer these questions!
Could Big Eyes Coin exploit the growing global conformity behind Bitcoin?
As a fixed supply meme token, Big Eyes Coin incorporates Bitcoin values into the meme coin industry. A decentralised and community-owned currency accessible to everyone from day 1. This is why Big Eyes has held such a large public presale, to give the community as much opportunity to accumulate the token itself before launch.
While Big Eyes in no way expects to see similar adoption to that of BTC, growing crypto endorsement such as is occurring in the UK perpetuates the increasing value of new projects like Big Eyes. When choosing a meme token to invest in, one of the best strategies used by successful investors is to explore the community pertaining to a particular project. Crypto communities drive the token’s value and in the case of Big Eyes, the community looks extremely bullish.
The project is set to establish its Discord in late October which will give current and future investors a great deal of uniformity with each other, as well as act as a bridge for project updates. Not bought the Big Eyes Coin presale yet? Use this code – BEYES472 – for additional tokens when you buy! Hit the button below now for the hottest presale in the industry!