Rishi Sunak Bitcoins October Surprise – Bitcoin Magazine
This is an opinion piece by YouTuber and writer Jacob Kozhipatt.
The phrase “October Surprise” is used in politics to describe a last-minute paradigm-shifting event that occurs one month before the American election. For example, in 2016 the FBI reopened an investigation into Hillary Clinton’s private email server. Many have argued that this event led to her loss in the 2020 election. In 2020, then-President Donald Trump contracted COVID-19 just weeks before the November election.
The Bitcoin market needs a transformation. 2022 has been a tough year for Bitcoin prices. Bitcoin is now 65% below its price just a year ago, his six-figure price prediction predicted by “stock-to-flow” models and longtime bulls like Tim Draper. far from it.
Some hope the appointment of the UK’s new crypto-friendly prime minister, Rishi Sunak, will be a big positive change. It declared that it wants the UK to become a “global hub for cryptocurrency technology.”
Will Rishi Sunak’s election be the ‘October Surprise’ needed to propel Bitcoin forward?
Bitcoin regulation in 2022
One of the most important questions for Bitcoin going forward is how governments should regulate it.
So far the US is a mixed bag. Some lawmakers, like Senator Cynthia Ramis, are pushing for bitcoin-friendly regulation, while others, like Senator Elizabeth Warren, are pushing far more significant legislation.
The US federal government’s position on Bitcoin is currently being debated, but many states have already enacted anti-Bitcoin laws. For example, New York, the financial capital of the United States, has the strictest rules for cryptocurrencies because of its BitLicense. The existence of BitLicense means that Bitcoin enthusiasts cannot participate in many innovations. Even mayor-elected Eric Adams had to resort to more expensive alternatives to receive his first three months’ salary in Bitcoin.
Many investors, like Shark Tanks’ Kevin O’Leary, argue that this regulatory uncertainty is keeping many from space. This is where Sunak can be a game changer.
Why Rishi Sunak is good for Bitcoin
New UK Prime Minister Rishi Sunak can be seen as an ally of Bitcoin. Sunak’s youth and Stanford pedigree make many feel that he is open to new technologies, especially lucrative ones like Bitcoin. As Minister of Finance, Sunak promoted specific cryptocurrency promotion laws. He supported the Financial Services and Markets Bill. According to Coindesk, the bill is widely viewed as crypto-friendly as it encourages acceptance of stablecoins.
Additionally, Sunak adopting cryptocurrencies has a competitive advantage. Established legislation in America, combined with uncertainty over future legislation, means many are looking for alternatives in the world’s largest English-speaking country. is.
The Bitcoin community is essentially a digital nomad, with enthusiasts migrating to places like Malta and Portugal. If snacks create incentives for bitcoin companies to move to places like London, capital and talent could be siphoned from America.
Finally, with the UK’s growing deficit problem, the country desperately needs an out-of-the-box solution. Nothing is more out of the ordinary than Sunak making London the Bitcoin Capital of the World.
Why Rishi Sunak Is Bad For Bitcoin
While many Bitcoin fans are excited about Sunak’s leadership, others have expressed concerns about the credibility of his support for the cryptocurrency.
Many have pointed out that Sunak’s wealth and pedigree education made him part of the “establishment,” which is inherently against Bitcoin’s rebellious and alternative nature. A prominent YouTuber of his, Wendy O, compared him to SEC Chairman Gary Gensler. Gensler, who taught a digital currency course at the Massachusetts Institute of Technology, was originally considered a cryptocurrency advocate. However, since his appointment, Gensler has frequently criticized the space and called for greater investor protection.
Sunak’s support for Central Bank Digital Currencies (CBDC) is also troubling Bitcoiners. People like Matthew Clutter from the popular show Trader University argue that CBDCs represent all the problems of government funding. For Krater, a CBDC is centralized in nature and facilitates state oversight over personal finances. This is what many Bitcoin enthusiasts consider to be a direct counterpoint to Bitcoin ideals. Kratter even called his Sunak vision for the UK’s CBDC a “spy coin.”
Will Bitcoin price go up?
Snak took office at a time of unprecedented financial difficulties in the UK. With ever-growing deficits, a weak pound, a crisis in the cost of living, and a widening wealth gap, it may be safe to assume that Bitcoin and cryptocurrencies are not top priorities on his agenda.
While we can’t predict his relationship with Bitcoin, it should be noted that the mere thought of a prime minister endorsing Bitcoin could cause the asset’s price to skyrocket.
At this early stage, it’s impossible to predict how Sunak will directly affect the price of Bitcoin, but for now, his background makes him an often-malicious industry ally. It shows that
This is a guest post by Jacob Kozhipatt.Any opinions expressed are entirely their own and may not necessarily be those of BTC Inc. or Bitcoin magazine.
Rishi Sunak Bitcoins October Surprise – Bitcoin Magazine
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