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Cryptocurrency space is affected by Rishi Saunak’s Pro-Crypto Stance.
Due to Rishi Sunak’s pro-crypto stance and the possible implications it could have on the cryptocurrency field, bitcoin enthusiasts around the world cheered as he took over from Liz Truss following a record-breaking 45-day tenure in 10 Downing Street. Sunak has always been outspoken about his support for cryptocurrencies, and in April 2022, the UK government announced its intention to turn the nation into “a global crypto-asset technology center,” with Sunak likely playing a major role in this message. However, one would contend that before hastily applauding Sunak’s remarks, we ought to be a little more circumspect. By examining Sunak’s proposal to use “Bitcoin,” centralized digital money, and any associated ideological problems. The following section will discuss three reliable decentralized cryptocurrencies to invest in – Bitcoin (BTC), Ether (ETH), and Big Eyes (BIG).
In October 2021, Sunak promoted the idea of a CBDC, or Centralized Bank Digital Currency, which is effectively a virtual equivalent of the pound sterling. Contrary to popular belief, CBDC is not a cryptocurrency and those who believe so risk being duped. Sunak’s advocacy of a centralized digital currency sounds a little odd because it fully contradicts the decentralized nature of cryptocurrencies.
Was Sunak talking to CBDCs, a type of stablecoin governed by a central authority, when he declared his support for cryptocurrencies? Or does he hold a conflicting opinion about cryptocurrencies in which he supports the concept but thinks they should be centralized? Decentralization was one of the guiding ideas Satoshi Nakamoto used to create Bitcoin, the first cryptocurrency.
Decentralization is essential to giving people more control and autonomy over their finances globally. An individual’s choices cannot be overridden by a single centralized authority, which also has control over the whole money reserve. People have greater financial autonomy, thanks to decentralized currencies. A wonderful deflationary store of value, Bitcoin (BTC) will only appreciate in value as long as there is a finite amount in existence. Although the supply of ether (ETH) is not set, its value is increasing as a result of the usefulness of the Ethereum blockchain network. Due to its capacity to support smart contracts and other cryptocurrencies such as altcoins like Big Eyes, Ethereum has a vast array of applications (BIG).
The new meme coin Big Eyes (BIG) is swiftly gaining traction among cryptocurrency fans. At the time of writing, it had over $9.3 million in funding, 57k Twitter followers, and endorsements from well-known crypto influencers. Big Eyes, like Bitcoin, has a fixed supply but the potential for a significant rise. The allure of emerging meme coins is that, in contrast to more well-established cryptocurrencies like Bitcoin or Ethereum, they offer enormous growth potential. Meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) had risen by 14,044,998% and 37,000%, respectively. Big Eyes is a fresh face on the block with the potential to offer investors these types of profits.
Making a difference for the environment is a significant aspect of Big Eyes’ mission statement, making it a cat with a heart of gold. A visible charity wallet is where 5% of all tokens are kept until they are distributed to organizations that support ocean conservation. Not only will investors profit as Big Eyes’ value rises, but the increased purchasing power of the tokens will enable Big Eyes to benefit these charities more significantly. The good news for the space is Sunak’s public embrace and appreciation of cryptocurrency. But only time will tell if his deeds reflect his professed love and if he can help decentralized cryptocurrencies gain traction in the UK. Now is the ideal time to support really decentralized cryptocurrencies like Bitcoin, Ethereum, and Big Eyes if he persists in introducing CBDC into the UK econom