Is Rishi Sunak’s Crypto Love a Trojan Horse? Double down on Bitcoin, Ether and Big Eyes: The Tribune India

When Rishi Sunak took over from Liz Truss after a record 45-day stint in 10 Downing Street, crypto fans around the world rejoiced because of Sunak’s pro-crypto stance and the potential effects this could have on the cryptocurrency space.

He has been vocal about his support for crypto throughout his career, and in April 2022 the UK government released a statement announcing its plan to make the country “a global technology hub for cryptoassets”, and Sunak is undoubtedly a major advocate in this the message. .

However, I would argue that we should take a slightly more cautious approach before prematurely celebrating Sunak’s words.

I will first look at Sunak’s idea of ​​implementing ‘Britcoin’ – a centralized digital currency, and the potential ideological problems that come with it. I will then look at three solid decentralized cryptocurrencies to invest in Bitcoin (BTC), Ether (ETH) and Big Eyes (BIG).

Admire the CBDC

Back in October 2021, Sunak pushed the idea of ​​a CBDC, or a centralized banking digital currency – essentially a digital version of the GBP. CBDC is not a cryptocurrency and many people can mix up the two currencies and be misled. It seems a little strange for Sunak to push for a centralized digital currency completely goes against the key ethos of cryptocurrencies – decentralization.

When Sunak stated his love for cryptocurrencies, was he referring to CBDCs – some sort of stable coin controlled by a central authority? Or does he have a conflicting view of cryptocurrencies, that he believes in the idea but that they should be centralized?

Decentralization is the key

One of the key principles set out by Satoshi Nakamoto when he created Bitcoin – the original cryptocurrency – was decentralization. Decentralization is the key so that the people of the world get more power and autonomy over their money. One centralized authority does not override a person’s decision-making and has control over the entire currency reserve. Decentralized currencies give people more independence over their money.

Which cryptocurrencies to invest in?

Bitcoin (BTC) is a great deflationary store of value and the value of Bitcoin will only go up as there is a fixed supply of Bitcoin in the world.

Ether (ETH) does not have a fixed supply, but its value continues to rise due to the utility of the Ethereum blockchain network. Ethereum has a huge amount of applications through its ability to host smart contracts and other cryptocurrencies, such as altcoins like Big Eyes (BIG).

Big Eyes (BIG) is a new meme coin that is rapidly gaining popularity among crypto enthusiasts. It has raised over $9.3 million at the time of writing, with 57,000 followers on Twitter, and endorsements from notable crypto influencers. Like Bitcoin, Big Eyes has a fixed supply, but still has the potential for a big rebound. The appeal of upcoming meme coins is that unlike more established cryptocurrencies like Bitcoin or Ethereum, they have huge potential for growth. Meme coins such as Shiba Inu (SHIB) and Dogecoin (DOGE) experienced gains of 14,044,998% and 37,000% respectively. Big Eyes is the new cat on the block with the capabilities to bring these kinds of gains to investors.

In addition, Big Eyes is also a cat with a heart of gold – making a difference in the environment is a central part of the mission. 5% of all tokens are held in a visible charity wallet and will be donated to ocean conservation charities. As the value of Big Eyes increases, not only will investors make money, but Big Eyes will be able to make more of a difference to these charities through an increased financial purchasing power of tokens.

To conclude

Sunak’s public embrace and love of crypto is great news for the space. However, time will only tell if his actions live up to his professed love and if he can strengthen decentralized cryptocurrencies in the UK. If he continues on his first path to introduce CBDC to the UK economy, now is the best time to rally behind truly decentralized cryptocurrencies, such as Bitcoin, Ethereum and Big Eyes.

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