What the UK Prime Minister's Resignation Means for the Crypto Industry
Godfrey Benjamin Oct 20, 2022 21:01
UK Prime Minister, Liz Truss has resigned, stirring uncertainty on the future of the Crypto Industry
Liz Truss, the Prime Minister of the United Kingdom announced her resignation just 44 days after assuming office on September 6. Representing an event that is not uncommon in modern democracies, the announced departure of Truss has left many wondering what the fate of some key industries will be in the near future.
In her announcement at Downing Street on Thursday, Truss said she will no longer be able to deliver on the mandate for which she had been appointed as the Prime Minister. Over the course of the next week, an election to choose the new leader will be conducted and many things will change in terms of direction for the UK.
The resignation of Liz Truss was fueled by the errors in her so-called mini-budget and tax cuts that were announced by the now-fired Finance Minister Kwasi Kwarteng. The policy riled the markets with the stock market recording unprecedented slumps which also affected the British Pound.
Surprisingly, the market has started showing signs of recovery across the board, as many are now looking forward to the ascension of a more economically versatile Prime Minister, with Truss’s contender, Rishi Sunak among the favorite candidates.
Where is Crypto in all of This?
While it is well understood that Liz Truss does not have anything against the digital currency ecosystem and was set to continue on the positive path set by the Boris Johnson administration, her short reign as Prime Minister had not done much to make a sizable impact in the industry.
Her departure only leaves room for speculation as no one can tell who the next leader is, and whether he or she will be a positive fit to help drive the growth of the ecosystem. The uncertainty in the UK at this time might be a factor in the marginally lower growth the crypto ecosystem has experienced over the past 24 hours.
At the time of writing, Bitcoin (BTC) was changing hands at $19,046.10, down 0.8% while Ethereum (ETH) has dropped by the same percentage to $1,285.22 per data from CoinMarketCap.
