Will Rishi Sunak’s crypto advocation help elevate ApeCoin’s status?

Can Rishi Sunak, the newly appointed Prime Minister (PM), impact the trajectory of ApeCoin (APE)?

Since David Cameron's resignation in 2016, Britain has seen four PMs who have come and gone rapidly from Number 10, prompting many to question politicians' pragmatism.

Rishi Sunak, who served as Chancellor of the Exchequer during the COVID-19 pandemic, has taken over as Prime Minister following Liz Truss' resignation after 44 days in office.

Sunak is often characterised in British media as a 'crypto-friendly' politician who advocates for cryptocurrencies and other digital assets. So, what does Sunak's leadership mean for the future of Britain's crypto industry?

Can ApeCoin be influenced by Rishi Sunak?

ApeCoin is an ERC-20 token that is utilised across the APE ecosystem. ApeCoin is the ecosystem's governance token, and holders of ApeCoin can participate in ApeCoin DAO.

ApeCoin can also be used to purchase games, and items, attend events, and get services. The cryptocurrency is the native token for the Bored Ape Yacht Club (BAYC), which is a collection of 10,000 one-of-a-kind Bored Ape NFTs – one-of-a-kind digital collectables that live on the Ethereum blockchain.

Bored Apes have become one of the most recognisable NFTs on the internet, having been endorsed by many high-profile figures such as Elon Musk, Snoop Dogg, Eminem, and Jimmy Fallon.

In a recent interview, the newly appointed Prime Minister Rishi Sunak was asked if he favoured CryptoPunks or Bored Ape Yacht Club, to which he replied: "Bored Apes". 

This response alone might contribute to the growing popularity of the BAYC NFT market and the APE token in the United Kingdom. More than 300 million APE tokens are presently in circulation, and with Sunak's focus on introducing crypto into the everyday lives of Brits, ApeCoin has the potential to skyrocket.