Rishi Sunak’s reign with a special royalty for cryptocurrencies

After being in power for 45 straight days, Liz Truss had to step down from the position of the prime minister of the UK.

While her time as the prime minister was interesting and economically devastating enough, the goal(s) still seemed to boost the economy enough.

Fast forward 45 days from her appointment as prime minister, Rishi Sunak, a former Goldman Sachs analyst took over and immediately expressed his reservations towards the financial situation and objectives for the country.

When Liz Truss stepped into the office, her entry into the leadership came at a strange time – a time that was heading towards recession, where the economy was bad and most of the general population is barely crossing the minimum wage threshold. 

Combine the same with the rising expenses of the country and mix it with the energy bills, and you get such a bad economy that could potentially help the UK top the list of some of the worst-performing major economies next year. 

From beating inflation to dealing with the energy crisis, she had to do it all. The most challenging part is that she had to do it all before the general election in 2024. Kind of a sticky situation, isn’t it? 

And well, she couldn’t…

This also sent the economy of the country down to rubble, of course affecting the crypto industry majorly as well.

After Rishi Sunak stepped in, there seems to be a light towards the end of the tunnel. For crypto enthusiasts, the news is interesting, convincing, and mercurial at the same time. 

Sunak is believed to be a pro-crypto politician. His ship sails in the direction of major reforms in the crypto and blockchain industries.

His campaign for the future supposedly primarily focuses on building a ‘future first’. This not just means popularizing crypto but even making significant contributions and developments to the entire Web 3.0 industry.

In wake of this significant transition happening in the crypto world, major crypto faces like Rajagopal Menon (Vice President – WazirX) and billionaire Changpeng Zhao also expressed their reservations, mentioning that this is actually great news for the crypto world.

The effect

So far, the effect of Rishi Sunak’s takeover is seemingly positive. 

The global crypto market cap is slightly up and coins like Bitcoin and Ethereum have surged by a few percent in the last two days.

In the same way, coins like Dogecoin, Solana, and Cardano have also zoomed up a little.

Right now, the entire crypto industry is welcoming this change. However, what’s more interesting to witness is that Sunak is also a supporter of central bank-backed digital currencies. So which way will this government lean toward is going to be too soon to tell yet.

What’s certain is that we at KoinX are determined to bring you the most important (and interesting) pieces of information every week. And what do we ask in return? Nothing except some ❤️ on Instagram and Twitter.

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