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Highlights
- UK voters have backed the Labor Party whose Leader may now become the Prime Minister
- This opens up a wide possibilities for Bitcoin and the broader Web3 industry
- Rishi Sunak's government has set a standard for Labor to follow
The future of Bitcoin (BTC) and the United Kingdom is under intense debate following the region’s general elections. The Labor Party is gearing up for the country’s leadership after an exit poll showed a landslide victory over Rishi Sunak’s Conservatives Party.
Bitcoin Under New UK Government
If the exit poll is confirmed, the Labor Party leader Keir Starmer will take over as the Prime Minister of the United Kingdom. This is a very big deal for the country and its financial market considering the Conservatives have led the UK for the past decade.
The crypto ecosystem is now in a gray area as it becomes quite hard to project what policies will come to guard the industry. The Conservatives, especially under Rishi Sunak have set a major standard for the Labor Party to trail. Over the past year, there has been a number of advances in the UK crypto ecosystem.
For example, Strike launched its Bitcoin services in the region recently as reported by Coingape. Additionally, the clamor surrounding Artificial Intelligence (AI) regulation is high. This has a unique bearing on the broader crypto ecosystem because several Web3-linked projects are now pivoting to AI.
Based on key trends observed this week, young UK voters were notably concerned about the future of crypto in the country. This concern is justifiable considering the fact the the electioneering campaign from all the parties was silent about the Bitcoin and the industry.
With Labor Party likely to take over the affairs of the nations, it remains uncertain what to expect for the coin.
Will Web3 Thrive Under Keir Starmer?
The blockchain ecosystem has continued to expand beyond Bitcoin. Today, the industry is evolving at a very fast pace to now feature Real-World Assets (RWA) and tokenization.
Since the Labor Party fundamentally supports industrial growth, it might tilt toward supporting Web3. Many experts have projected that the tokenization industry will be worth more than $16 trillion in the coming decade. Already, many Web3 firms and financial giants like BlackRock are already solidifying their foothold in this regard.
With the right Labor policies, the industry may get more clarity, benefitting not just Bitcoin but other areas as well.
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