As Rishi Sunak took over the reins from Liz Truss after a record-shattering 45-day stint in 10 Downing Street, crypto fans around the world rejoiced due to Sunak’s pro-crypto stance and the potential effects this could have on the cryptocurrency space.
He has been vocal about his support of crypto throughout his career, and in April 2022, the UK government released a statement announcing its plan to make the country “a global crypto-asset technology hub”, Sunak undoubtedly being a big proponent in this message.
However, I would argue we should take a bit more of a cautious approach before prematurely celebrating Sunak’s words.
I will first look at Sunak’s idea to implement ‘Britcoin’ – a centralised digital currency, and the potential ideological issues that accompany it.I will then look at three solid decentralised cryptocurrencies to invest in Bitcoin (BTC), Ether (ETH), and Big Eyes (BIG).
Marvel at the CBDC
Back in October 2021, Sunak was pushing the idea of a CBDC, or a Centralised Bank Digital Currency – essentially a digital version of the GBP.CBDC is not a cryptocurrency, and many people may conflate the two currencies and get misled.It seems a bit strange for Sunak to push for a centralised digital currency goes completely against the key ethos of cryptocurrencies – decentralisation.
When Sunak pronounced his love for cryptocurrencies, was he referring to CBDCs – a stablecoin of sorts controlled by a central authority? Or does he have a contradictory view on cryptocurrencies, that he believes in the idea but that they should be centralised?
Decentralisation is the Key
One of the key principles set out by Satoshi Nakamoto when creating Bitcoin – the original cryptocurrency, was decentralisation.
Decentralisation is key so that the people of the world have more power and autonomy over their money.One centralised authority does not overrule an individual’s decision-making and has control over the entire reserve of the currency.Decentralised currencies give people more independence over their money.
What 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 is continuing to rise due to the utility of its blockchain network Ethereum.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 quickly rising in popularity amongst crypto enthusiasts.
It has raised over $9.3 million at the time of writing, with 57k followers on Twitter, and endorsements from notable crypto influencers.Like Bitcoin, Big Eyes has a fixed supply, yet has the potential for a huge upswing.The appeal of up-and-coming meme coins is that unlike more established cryptocurrencies like Bitcoin or Ethereum, they have massive potential for growth.Meme coins like Shiba Inu (SHIB), and Dogecoin (DOGE) experienced gains to the tune of 14,044,998% and 37,000% respectively.Big Eyes is the new cat on the block with the makings to bring these kinds of gains to investors.
In addition, Big Eyes also is a cat with a heart of gold – making a difference in the environment is a key part of its mission statement.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 goes up, not only will investors make a profit, but Big Eyes will be able to make more of a difference to these charities through an increased financial purchasing power of the tokens.
To Conclude
Sunak’s public embrace and love for crypto is great news for the space.However, time will only tell whether his actions live up to his professed love and whether he can bolster decentralised cryptocurrencies in the UK.If he continues on his initial path to introduce CBDC into the UK economy, now is the best time to rally behind truly decentralised cryptocurrencies, such as Bitcoin, Ethereum and Big Eyes.
Big Eyes Coin (BIG)
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