This is an opinion editorial by Jacob Kozhipatt, a YouTuber and writer.
The phrase “October Surprise” is used in politics to describe a last minute, paradigm-shifting event that occurs a month before an American election. For example, in 2016, the FBI reopened their investigation into Hillary Clinton’s private email server, an event which many argue led to her loss in the 2020 election. In 2020, then-president Donald Trump contracted COVID-19, just weeks before the November election.
Bitcoin markets are in need of a shakeup. 2022 has been a tough year for the price of bitcoin. Right now, bitcoin sits ~65% below its price just one year ago, a far cry from the six-figure price prediction that models like “stock-to-flow” and long-time bulls, like Tim Draper, predicted.
Some hope that the appointment of England’s new cryptocurrency-friendly Prime Minister, Rishi Sunak, could be a major positive change. Sunak, considered by many to be an ally of innovation, declared a year ago that he wished that the United Kingdom would become a “global hub for crypto-asset technology.”
Can Rishi Sunak’s election be the necessary “October Surprise” to push bitcoin forward?
Bitcoin Regulation In 2022
One of the most important questions going forward with bitcoin is: How should governments regulate it?
So far, the United States is a mixed bag. While some legislators — like Senator Cynthia Lummis — are pushing for bitcoin-friendly regulation, others like Senator Elizabeth Warren are pushing for far more critical legislation.
While the perspective of the American federal government on bitcoin is currently being debated, right now many states already have anti-bitcoin laws in place. For example, the financial capital of the United States, New York, has the most stringent rules against cryptocurrency due to its BitLicense. The existence of the BitLicense means that bitcoin enthusiasts are prevented from taking part in many innovations. Even mayor-elect Eric Adams had to resort to alternative, costlier means to get his first three months salary paid in bitcoin.
Many investors, like Shark Tanks’ Kevin O’Leary, argue that this uncertainty of regulation is causing many to avoid the space. This is where Sunak could be a game changer.
Why Rishi Sunak Is Good For Bitcoin
The United Kingdom’s new prime minister Rishi Sunak can be seen as an ally for bitcoin. Sunak’s youth and Stanford pedigree make many feel as though he is open to new technologies — especially one as lucrative as bitcoin. As Finance Minister, Sunak pushed for tangible pro-cryptocurrency legislation. He supported the “Financial Services And Markets Bill,” which, according to Coindesk, is widely seen as cryptocurrency-friendly, as it pushed for increased acceptance of stablecoins.
Moreover, there are competitive advantages for Sunak embracing cryptocurrency. The established laws in America in tandem with the uncertainty towards future laws, means many in the world’s largest English speaking country are looking for alternatives. This is where England could capitalize.
The bitcoin community is digitally nomadic in nature — as seen by the migration of enthusiasts to locations like Malta and Portugal. If Sunak were to create incentives for bitcoin companies to move to places like London it could siphon capital and talent away from America.
Finally, with the United Kingdom’s growing deficit problem, the nation desperately needs outside-the-box type solutions. Nothing would be more outside of the box than for Sunak to make London the bitcoin capital of the world.
Why Rishi Sunak Could Be Bad For Bitcoin
While many Bitcoin fans are excited for Sunak’s leadership, some express concern about the authenticity of his support for cryptocurrency.
Many point out that Sunak’s wealth and pedigreed education makes him part of the “establishment,” and innately against the rebellious and alternative nature of bitcoin. A prominent YouTuber, Wendy O, compared him to SEC Chair Gary Gensler. Gensler, who taught courses on digital currencies at MIT, was originally seen as pro-cryptocurrency. However, since his appointment, Gensler has frequently criticized the space and urged for increased investor protections.
Sunak’s support of central bank digital currencies (CBDC) also troubles Bitcoiners. People like Matthew Kratter, of the popular show Trader University, argue that CBDCs symbolize everything that is wrong with government money. For Kratter, the CBDC’s are inherently centralized and encourage state surveillance of individuals’ finances — something many Bitcoiners see as going directly against the ideals of bitcoin. Kratter went so far as to call Sunak’s vision for a U.K. CBDC a “spycoin.”
Will Bitcoin’s Price Go Up?
Sunak entered office at a time of unprecedented financial hardship in the United Kingdom. With an ever increasing deficit, the weakening of the pound, a cost of living crisis and widening wealth gap, it might be safe to assume that bitcoin and cryptocurrency aren’t at the top of his agenda.
While we cannot predict his relationship with bitcoin, it should be noted that just the idea of a pro-bitcoin prime minister could be enough to spike the asset’s price.
At this early stage, it is impossible to predict how Sunak will directly impact the price of bitcoin, but as of now his background shows him to be an ally to the oft-maligned industry.
This is a guest post by Jacob Kozhipatt. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.
Political leaders in the United Kingdom have called for an investigation into the government’s handling of national security, after an unconfirmed report claiming that a personal phone used by former Prime Minister Liz Truss was targeted by suspected Russian hackers.
The Mail on Sunday report, which cited unnamed sources, suggested that private messages exchanged between Truss and foreign officials while she was foreign secretary — some apparently involving sensitive information about the war in Ukraine, and personal communication with former Treasury chief Kwasi Kwarteng — were breached in the supposed cyberattack.
It also claimed that U.K. government officials learned of the breach over the summer and suggested that former Prime Minister Boris Johnson, who preceded Truss, and cabinet secretary Simon Case intentionally hid it from the media amid Truss’ campaign to become the conservative party leader and prime minister. Truss, who was ultimately appointed by Queen Elizabeth II to succeed Johnson, announced her resignation earlier this month after just six weeks in office.
A U.K. government spokesperson declined to “comment on individuals’ security arrangements” in a statement to CBS News.
“The Government has robust systems in place to protect against cyber threats. That includes regular security briefings for Ministers, and advice on protecting their personal data and mitigating cyber threats,” the statement said.
Britain’s Prime Minister Liz Truss delivers a speech outside of 10 Downing Street in central London on Oct. 20, 2022, to announce her resignation.
DANIEL LEAL/AFP via Getty Images
Meanwhile, Michael Gove, who was recently reappointed to his government position as Levelling Up secretary, shared a similar response to questions about the alleged hack during an interview with Sky News on Sunday.
“I don’t know the full details of what security breach, if any, took place,” Gove said. “What I do know is that the government has very robust protocols in place in order to make sure that individuals are protected, but also that government security and national security are protected as well.”
However, Labour party leaders have demanded a probe into the potential cybersecurity breach, with Yvette Cooper, the party’s law-and-order spokesperson, suggesting that the Mail on Sunday’s report raises broader concerns about the British government and national security.
“Clearly these are very serious allegations,” Cooper said later on Sky News. “It raises issues around cybersecurity. It’s why cybersecurity has to be taken so seriously by everyone across governments, the role of hostile states, but also the allegations about whether a cabinet minister has been using a personal phone for serious government business, and serious questions about why this information or this story has been leaked or briefed right now.”
Cooper suggested that each of those issues points to “the way in which the government is not taking seriously enough national security.”
We need an urgent independent investigation to uncover the truth. Was Liz Truss’ phone hacked by the Kremlin, was there a news blackout and if so why?
If this was withheld from the public to protect Liz Truss’ leadership bid, that would be unforgivable.https://t.co/enbPJ7ABqi
Layla Moran, the Liberal Democrats’ foreign affairs spokesperson, responded to reports of the alleged cyberattack on social media.
“We need an urgent independent investigation to uncover the truth. Was Liz Truss’ phone hacked by the Kremlin, was there a news blackout and if so why?” Moran tweeted. “If this was withheld from the public to protect Liz Truss’ leadership bid, that would be unforgivable.”
The foreign affairs spokesperson doubled down on her calls for a probe in a second tweet posted Sunday. “These allegations are extremely concerning and raise serious questions about a laxity at the heart of govt around using personal devices,” she wrote, adding, “We need an urgent investigation to uncover the truth.”
INGLEWOOD, CALIFORNIA: In this image released on May 2, Prince Harry, The Duke of Sussex, speaks … [+] onstage during Global Citizen VAX LIVE: The Concert To Reunite The World at SoFi Stadium in Inglewood, California. Global Citizen VAX LIVE: The Concert To Reunite The World will be broadcast on May 8, 2021. (Photo by Kevin Winter/Getty Images for Global Citizen VAX LIVE)
Getty Images for Global Citizen VAX LIVE
The first rumors that Harry might be wanting to tone down some of his recollections in his $20-million as-told-to autobiography, Spare, surfaced in the publishing lunchrooms of Manhattan last summer, which is to say, after Harry returned from the rather grand but toned down April funeral of his grandfather, Prince Philip. It was at that funeral in Windsor that Harry came face to face with his immediate family and his larger, extended family, seeing many of them for the first time since the announcement of his upcoming book, and since he and Meghan Markle sat for their extended televised sit-down with Oprah Winfrey in the CBS /global broadcasting event in March 2021.
His grandfather’s funeral — that of a rather grand and blustery old-school patriarch — would ordinarily be an occasion for the Windsors to come together to celebrate a long, well-lived life. But the event was the opposite of that for the prince. He soldiered through it, and, though he was seen speaking with them, not a lot of his family really knew what they should do with him. There was a distinct distance and a chill that most of them kept. Kate made a notable effort to include him, and Harry and his brother walked up the hill together. But what Harry confronted, two years after moving to Canada and thence to the States, was that his strivings in Hollywood, on television, on podcasts, in speeches and in print, had had an effect back home.
The title of the his upcoming book is simple, quite blunt, and carries gravitas precisely because it deftly exploits the old rhymed cliche “an heir and a spare,” the British polity’s wry gift to the language, rooted in Cockney rhyming-slang, in assessment of their monarch’s breeding duties to ensure the stability of succession. Suffice it to say, Charles and Diana gave Britain an exact fulfillment of the cliche’s requirements. Prince Harry would likely have himself joked about and/or been robustly teased with the designation across decades, at Eton, at Sandhurst, in the Army, wherever his crew of blokes would have wanted to rag him.
But whether or not he came up with the idea of using it in this instance, the act of taking on the cutting derogation as his book title is Harry’s own move. It’s a bold one, and it dovetails nicely with what we know of the straight-spoken combat chopper pilot and his two tours in Afghanistan. The prince’s use of the word opens a cosmos of connotations, bringing weaponly swagger as well as going straight into Harry’s role as an outsider in the monarchy. There’s power in that level of ownership; this usage shows Prince Harry recognizes it. Not least, it makes deft literary and enormous marketing sense. You want a tome on a royal family from an outsider who gives his book a title like that. There could be no better or simpler flag to get the browsing masses to ask themselves this book-buying question: What could lie between the covers of that?
Seven thousand miles east of Montecito, California, the proud use of the word as a derogatory noun — along with a few other words describing the book’s narrative in the promotional jacket copy, notably, the participle “unflinching” — will have caused some concern in Buckingham Palace. To say that King Charles, Prince William, and/or their senior courtiers have been “dreading” the book is arguably an overstatement, with the possible exception of those courtiers whose direct mandates include spinning webs of positivity around any negative anecdotal flotsam coming off the book’s reviews or its drop date of January 10. Those courtiers would be well within their rights to dread the first few weeks of the British press playing hacky-sack with the thing. But the regent Charles, and the lone heir in the cliche that the book’s title so eloquently evokes, William, have a kingdom to run and with it, more productive things to do than worry about how they’re being portrayed by Harry. Harry’s given Charles, particularly, a couple of good solid years of practice. Charles can take it.
That’s not to say that the book won’t have impact. Spare will make an enormous splash, first, across America and the 54 countries of the Commonwealth, and secondly on the Continent, some of whose royal families are related to the Windsors, and whose people still look to the British royals as the preeminent noble family in Europe. Harry is particularly beloved on the Continent for his Invictus Games in service of disabled military veterans, the next installment of which will be held in Düsseldorf, Germany, a few short months after his book drops.
Ergo, the coverage will be global, and varied. We can look forward to much of the same breathless television coverage that attends Prince Harry and Meghan Markle whatever they do or wherever they go, both pro and con. Some of Prince Harry’s and Meghan Markle’s more vocal detractors in England — such as Fox broadcaster Piers Morgan, who was fired by his former network, ITV, for not publicly apologizing for expressing his opinions about Meghan Markle on air, when in fact his opinions were one big reason for his and his program’s immense popularity — will be quick off the mark, both on air and in print. More sympathetic interlocutors will be scheduled by Harry and his hardworking phalanx of publicists with certain outlets. Certainly, with Oprah Winfrey and CBS This Morning’s Gayle King being friends with the couple, those bookings will be widely awaited. This is not to mention the robust advertising campaign that the publisher will be engineering.
The point is that, no matter the platform and no matter the slant — whether it is Harry himself making an appearance on at a book-signing, Piers Morgan exploding on talkTV about Harry’s take on certain royal family events, or Tina Brown creatively doubling down upon and/or having to eat her words that the book would “never see the light of day” — Spare will be Topic A for weeks.
The security around the Spare manuscript, in whatever format, has been admirably and understandably tight thus far. Eventually, actual review copies will have to be sent out, presumably with some architecture of an embargo. With an embargo or without, at that review-copy moment, the cat’s out of the bag on Fleet Street. Some sort of leak will occur. Somebody — and there are a thousands of somebodies on both sides of the Atlantic who can be classified as parties whose commercial interests would mean that they’d be highly interested in a peek at an advance copy of Spare — will get a leak. It can be digital, it can be in manuscript form, it can be incomplete, or it can be read and simply chatted about over drinks. And that leak, in whatever form, will find its way to the people who care about it the most, namely, Fleet Street. Whether that happens this month or next will matter to Harry and his publisher, which is why security is tight, but its date of occurrence doesn’t materially affect what happens when the dam is eventually breached, which will be that the British press will kick into high gear and begin parsing Harry’s every adjective about his family. The appetite will be especially great among those actors who have axes to grind, such as the Daily Mail, or any of the publishers whom Prince Harry and Meghan Markle have sued and/or personally blacklisted from any kind of cooperation.
First serial rights, meaning, the publication of a serious extract from the book rather than quotes and/or opinions of it, can have been retained by Harry and team or can reside with the publisher. It can be assumed that they will be spectacularly sold, but it also can be that, in this special instance, they remain unexercized in favor of making the January 10 splash all that much bigger. Usually, first serial are considered, a way to recoup part of an advance, and as good advertisement for the book. But it’s unclear whether first serial would work for any periodical trying to bring a chunk of it out.
Most significantly, the production and news-stand (read: sales) time is getting short between now and January 10 for a monthly, or even for a weekly, to wade in with presumably big cash for a piece of the Spare action. That (theoretical) excerpt would have to be in the teeth of production (fact checking, copy editing and art) now, for a monthly to recoup any sales. For a weekly, the latest they would want to put it into production would be by early December. Time would be capable of performing what they call “crashing” the story into print somewhat later than that, but not many others could do it. It’s not outside the realm of possibility for anybody to do it of course, given the manpower, and it would only be entertaining if they did, but for a monthly, the editors would really have to be on their toes. It’s possible that a bright and tidy excerpt could go to one of Prince Harry’s and Meghan Markle’s few friends in print journalism. Edward Enninful, editor of British Vogue, springs to mind.
Whether first serial rights are exercised or not, it seems Harry’s book will debut on two very different stages at once. The first stage will be rather more serious, involving book review pages, critics, and that possible serialization. That will be international, but its starting point will be in New York, seat of Penguin Random House US and of many of the best periodicals in the English-speaking world. The second, far louder stage will be the book’s minute, generally hostile dissection in the UK, where Fleet Street will instantly put it through the food processor and then probe the resulting puree for any possible inaccuracy, exaggeration and/or insult to the Crown, the Queen, Charles, or William made by Harry.
For his part, Harry’s dad is a busy king. Charles has shown a remarkably fleet turn of foot since the day after his mother’s death on September 8, blasting out to seal the official transfer of the crown before the parliaments of Scotland, Northern Ireland, England, and the Welsh Senedd. During all that, he seamlessly led the nation in mourning from Balmoral down to Buckingham Palace and on to Westminster, where Elizabeth lay in state. Those stages of the cross included not just the grand military sendoff procession from Balmoral, in Scotland, but the Vigil of the Princes both in Scotland and in London, as well as the reception of Commonwealth and world leaders.
At each turn Charles gave short, graceful speeches, open about his own grief, taking the time to thank everyone for their moving tributes to his mother. In short, he led. It was what he was brought up to do.
GALLIPOLI, TURKEY – APRIL 25: Prince Harry chats with Prince Charles, Prince of Wales during a visit … [+] to The Nek, a narrow stretch of ridge in the Anzac battlefield on the Gallipoli Peninsula, as part of commemorations marking the 100th anniversary of the Battle of Gallipoli on April 25, 2015 in Gallipoli,Turkey. Turkish and Allied powers representatives, as well as family members of those who served, are commemorating the 100th anniversary of the Gallipoli campaign with ceremonies at memorials across the Gallipoli Peninsula. The Gallipoli land campaign, in which a combined Allied force of British, French, Australian, New Zealand and Indian troops sought to occupy the Gallipoli Peninsula and the strategic Dardanelles Strait during World War I, began on April 25, 1915 against Turkish forces of the Ottoman Empire. The Allies, unable to advance more than a few kilometers, withdrew after eight months. The campaign cost the Allies approximately 50,000 killed and up to 200,000 wounded, the Ottomans approximately 85,000 killed and 160,000 wounded. (Photo by Niall Carson-Pool/Getty Images)
Getty Images
He’s limning his mother still, making the Commonwealth and parliamentary rounds, ushering Liz Truss out the door of 10 Downing and welcoming Rishi Sunak in, full of old-fashioned get-up-and-go. Nothing gets in his way. In shaping his team, he’s quietly drawing his younger siblings Edward and Anne into the day-to-day core family team in the absence of Harry. In the ultra-traditional latter-day Greek stage play that the British Royal Family present when they publicly appear, Charles’ has been a performance that perfectly communicated the thousand-year monarchy’s one basic message: Continuity. It’s going to be a fun, fit, no-nonsense reign. He lets nothing get in his way.
Not so Charles III’s younger son. Though Harry’s been back to England and to his family since he left for his “vacation” in western Canada in 2019, perhaps his most remarkable accomplishment is his thorough alienation of himself from his family, beginning with his father and brother. Harry was caught somewhat flat-footed down in London by his grandmother’s death in early September. He had refused an invitation from her to Balmoral; this was to be a charity trip for him and for Meghan Markle, including a pop over to Germany to check on Invictus preparations for next year.
When he got the summons to Balmoral, he was late getting in the air, and his grandmother died while he was en route. A lot of things both big and small shifted for Harry as his father assumed the kingship. Over the next days of the family vigils and the funeral, Harry’s “otherness” shone through, exactly as it did at his grandfather’s funeral last year. Yes, he walked with them behind Elizabeth’s caisson down the Mall. But he was faced with the fact that, in his absence, his home and his family had changed forever.
This photo illustration taken on March 31, 2022 in Moscow, shows gas burning on a domestic hob. – … [+] President Vladimir Putin on March 31 warned “unfriendly” countries, including all EU members, that they would be cut off from Russian gas unless they opened an account in rubles to pay for deliveries. Western countries have piled crippling sanctions on Moscow since it moved troops into Ukraine, including the freezing of its $300 billion of foreign currency reserves. While the United States banned the import of Russian oil and gas, the European Union — which received around 40 percent of its gas supplies from Russia in 2021 — has retained deliveries from Moscow. (Photo by Natalia KOLESNIKOVA / AFP) (Photo by NATALIA KOLESNIKOVA/AFP via Getty Images)
AFP via Getty Images
Britain’s new Prime Minister Rishi Sunak reinstated the country’s ban on hydraulic fracturing (a.k.a. fracking) on Wednesday. That means no UK fracking for for oil and gas.
It’s not surprising given that the vast majority of British people likely don’t know they are already consuming literal boat loads of fracked natural gas from the U.S.
Yet here we are with Britain thinking its doing the environmentally suitable thing by not fracking and at the same time benefiting from the fruits of this energy extraction technique.
Approximately two thirds of natural gas sold in the U.S. is extracted using fracking methods, according to the American Petroleum Institute. That means it is almost a certainty that two thirds of the gas Britain purchases from America is fracked, or approximately 26% of household use via electricity consumption. Stovetop gas use likely adds more.
Of course, no one blames people for wanting to keep warm in the northern hemisphere’s winter. It can be chilly to the extent that people die without heat.
However, what seems hypocritical is the willingness of Brits to use fracked gas as long as it isn’t from Britain.
Or perhaps just as likely, it is ignorance, willful or otherwise, of the population to how much the UK is dependent on the technology that is used to extract a vital resource.
Former foreign minister Jeremy Hunt has been appointed Britain’s finance minister, Prime Minister Liz Truss’s office said on Friday, following Kwasi Kwarteng’s resignation from the post after less than six weeks in the job.
A former foreign minister, Hunt has twice been unsuccessful in running for the governing Conservative Party’s leadership, once losing to Boris Johnson and then being knocked out in the first round of voting in a contest which saw Truss take the prize.
Seen as on the centre-right of the party, Hunt endorsed Truss’s leadership rival, former finance minister Rishi Sunak to become prime minister, and is seen by many in the party as a safe pair of hands.
Hunt, who has also previously served as health minister and culture minister, becomes Britain’s fourth finance minister in as many months.
Truss’s office also said Edward Argar had replaced Chris Philp as Chief Secretary to the Treasury, the second most important job in the department.
YORK, England, May 12, 2022 (Newswire.com)
– The UK’s National Railway Museum is seeking the help of rail fans across the United States to help celebrate the 100th birthday of one of the world’s most recognizable steam locomotives – Flying Scotsman.
Built in Doncaster, England, in 1923, the engine became the first steam locomotive to officially reach 100 mph, capturing the hearts of people across the world.
Flying Scotsman turns 100 in 2023, and the locomotive’s current owners, the National Railway Museum, have launched an appeal to find memories and stories of Flying Scotsman. These could feature as part of a new exhibition called Flying Scotsman: 100 Years, 100 Voices.
Charlotte Kingston, Head of Interpretation and Design at the National Railway Museum, said: “Often described as ‘the people’s engine,’ we want to hear what Flying Scotsman means to you, and we particularly want to hear from people who have family memories of Flying Scotsman’s famous trip to the United States. We hope that this exhibition will create a lasting and important chapter in the Flying Scotsman story.”
Flying Scotsman famously visited the United States and Canada between 1969 and 1973 as part of a tour organized by British owner Alan Pegler. In 1969, Flying Scotsman was fitted with a cowcatcher, a bell and American-style whistle and set off from Boston along the eastern seaboard of the United States, visiting New York, Washington D.C., and ending in Houston, Texas.
The following year Flying Scotsman began another tour of U.S. towns and cities, which included Chicago and the National Railroad Museum at Green Bay, Wisconsin, before travelling to Canada and finishing at Niagara Falls on the Canadian/U.S. border.
The 1970 tour was beset by financial difficulties, and in a bid to balance the books, in 1971 Pegler arranged for the train to travel to Toronto and then San Francisco where it went on display at Fisherman’s Wharf. The trip worked well operationally but was a financial disaster, and Alan Pegler was forced into bankruptcy, leaving Flying Scotsman stranded in the USA.
In 1973 Flying Scotsman was brought back to the UK after Sir William McAlpine arranged to pay creditors and to purchase the locomotive.
Flying Scotsman left the Doncaster workshops in February 1923 and was the first locomotive of the newly formed LNER (London and North Eastern Railway). Designed by Sir Nigel Gresley and numbered 1472, the locomotive was named ‘Flying Scotsman’ the following year when it was picked to attend the British Empire Exhibition in London and renumbered 4472.