Bitcoin is having a difficult year in 2022. It has dropped by 65% since 2021. The former prices are a far cry from the current levels. Some believe that the appointment of Rishi Sunack as the UK’s new prime minister, who is supportive of cryptocurrencies, will mark a significant improvement. Sunack has stated his desire for the UK to develop into a global crypto technology hub.
How governments should regulate Bitcoin in 2022 is one of the crucial inquiries for the currency’s future. The US is currently a confusing mess. While other lawmakers, like Senator Elizabeth Warren, are pushing for legislation that is really very much against Bitcoin, some lawmakers are voting for regulation that is friendly to Bitcoin. Although the US national authorities’ stance on Bitcoin is still up for discussion, many regimes have yet passed anti-crypto legislation.
Bitcoin enthusiasts are prevented from taking part in many innovations due to the BitLicense. According to many investors, including Kevin O’Leary of Shark Tanks, this regulatory uncertainty is discouraging many from investing in space. Sunak has the potential to completely alter the situation here.
Rishi Sunak, the newly elected prime minister of Great Britain, is good for Bitcoin because of his upbringing and Stanford background, many people believe Sunak is open to new technologies, particularly profitable ones like Bitcoin. Sunak promoted specific legislation to support cryptocurrencies while serving as finance minister.
He also participated already in making new crypto-regulation laws. And they are generally regarded as being in favor of cryptocurrencies because they will encourage the use of stablecoins. Sunak has a competitive advantage as well because it uses cryptocurrencies. Many people are looking for alternatives in the UK in the world due to the established laws in America and uncertainty regarding future legislation.
The need to move
The Bitcoin users are essentially a digital nomad, with followers moving to countries like Malta and Portugal. Sunack may encourage Bitcoin businesses to relocate to cities like London, which could result in the exodus of capital and talent from the United States. Finally, the UK is in need of an original solution due to its growing budget deficit issue. Sunak’s decision to establish London as the global center of Bitcoin is unparalleled.