Rishi Sunak Loves Crypto, And Crypto Loves Rishi Sunak. What Does This Mean For Bitcoin And Big Eyes Coin?

Rishi Sunak was appointed as the new Prime Minister of The United Kingdom on the 25th of October 2022. On the same day, the crypto markets were flooded with the colour green. Although it is impossible to confidently relate these two events, Rishi Sunak's appointment likely helped encourage the crypto market.

Since then, the situation still hasn't changed. The most impressive rise was Dogecoin (DOGE), which, over the past seven days, has increased by a whopping 93%. Additionally, Bitcoin (BTC) saw its return to the $20,000 trading level.

As investors wait to see which direction the market goes, many are left wondering what Sunak's appointment could mean for Bitcoin (BTC) and newer currencies like Big Eyes Coin (BIG).

How Rishi Sunak Came To Be Seen As Pro-Crypto

Shortly before Sunak became Prime Minister, he participated in a failed leadership campaign against former Prime Minister Lizz Truss. During this campaign, he discussed with a studio audience his support for crypto and blockchain technology. Especially in terms of improving lives by using these very technologies.

However, now some time has passed since Sunak's appointment, some have been quick to point out that what he and his Conservative political party are actually interested in are CBDCs, a Central Bank Digital Currency. 

Unlike cryptocurrencies that advocate for the importance of decentralisation and deregulation, CBDCs are not much different from normal currencies like GDP or USD which are regulated by a centralised authority.  For now, only time will tell whether Rishi Sunak will elevate the UK crypto economy or simply stump it.

Bitcoin Returns to Green With A 8% Increase In Value

Despite not being a CBDC (so not the target of UK lawmakers), Bitcoin has jumped back to the $20,000 trading level and appears to be going strong. While many holders of BTC are delighted at Bitcoin's return to green, others remain sceptical.

In 2021, Bitcoin reached an all-time high trading value of almost $67,000 and a market capitalisation of $1.23 trillion. Over the last year, holders have seen their investments slashed by 70%, showing how volatile even the most popular cryptocurrency can be.

In the UK, The House Of Commons approved the recognition of cryptos as regulated financial instruments. But while this seems exciting, it is important to pay attention to the word 'regulated'. Under this new draft bill, current laws surrounding payment-focused instruments will extend to stablecoins (not cryptocurrencies like Bitcoin). In this regard, the UK is far from accepting cryptocurrencies into daily life.

The Buzz Around Crypto In The UK Could Encourage Mainstream Adoption Of Low-Risk Currencies Like Big Eyes Coin

While it is unlikely any average Joe in the UK would begin fishing out a spare $20,000 to invest in Bitcoin (BTC). Just the sheer mention of Rishi Sunak's promise to incorporate cryptocurrencies into the British economy brings cryptocurrencies into a topic of discussion.

It is far more likely that ordinary people would become curious and look into less-risk and low-value cryptocurrencies like Big Eyes Coin (BIG). Especially if they provide more than just monetary value.

Meme currencies like Big Eyes Coin are a gateway between the crypto world and the mass adoption of cryptocurrencies due to their entertaining aspects and strong communities.

Big Eyes Coin, in particular, has an appeal to many due to its commitment to saving the world's oceans by using the cuteness of its cat mascot.

Meme currencies also have greater ease of adoption due to their light-hearted nature and social media communities. For instance, despite Big Eyes Coin not being released yet, it has grown to a Twitter following of almost 60,000 and has been backed by several prominent crypto influencers.

What The Future Holds in Store for Bitcoin and Big Eyes Coin

So although, sadly, cryptocurrencies may not become commonplace in the UK economy, the introduction of crypto as a concept to the British public may be enough for a few willing volunteers to try out low-risk, low cost and meme currencies such as Big Eyes Coin.

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