Bitcoin pressured while London mayoral candidate promises 100 pounds to every Londoner if he wins

Bitcoin followed the US stock markets and dropped lower on Monday evening. It comes after the largest digital currency showed positivity during the day on rumors of an impending approval of a Bitcoin ETF in Hong Kong.

At the time of writing Tuesday morning, Bitcoin is trading for $62,800.

Fear Returns to the Stock Market 🚨

Stock Market plunges to fear mode for the first time in 5 months 👻😱👀 pic.twitter.com/ncJO3wr5y4

— Barchart (@Barchart) April 15, 2024

There is growing interest for all things crypto in 2024, especially among younger generations. This is now visible in important political elections as well.

The mayor of New York Eric Adams is a big Bitcoin fan, the new president of Argentina Javier Milei is one, the third candidate in the race for the US presidential elections Robert F Kennedy Jr promised crypto for everyone, and now one of the most notable candidates for the mayoral race in London also announced a crypto promise.

‘London’ crypto coin

Brian Rose is a former banker who is running in next month’s London mayoral elections. To be honest, he doesn’t have much of a chance of winning though.

Given the unpopularity of the Conservatives (who have ruled the United Kingdom for the past 13 years already), it is widely expected that current Labor mayor Sadiq Khan will be elected for a historic third term.

In the latest electoral barometer, Khan is well ahead of Susan Hall, the candidate for the Conservatives. All other candidates get less than 10% of the voting intentions. Among them also ‘Count Binface’, a man dressed as a knight with a garbage can on his head. Let’s call it typically British.

When it comes to wooing voters, I’m playing the long game. @MayorofLondon #VoteBinface #BindependenceDay pic.twitter.com/zkK1hWUwCc

— Count Binface (@CountBinface) April 14, 2024

100 pounds

So it is up to the other candidates to launch an extreme proposal in order to get into the news and therefore attract interest. Rose did that last week.

He promises to tax the profits of all major companies in London by an additional 1%. As London is still the financial capital of Europe, that will generate quite some revenue.

With that money he wants to pay out 100 pounds in a new cryptocurrency called ‘London’ to every Londoner.

As part of my commitment to making London a crypto-friendly city, I am excited today to announce my new campaign policy as your next Mayor to give every person in London £100 worth of a new capital crypto token.

The revolutionary token, LONDON, would be accepted across London’s… pic.twitter.com/LPhnYWzfLv

— Brian Rose (@BrianBRose) April 10, 2024

The coin could then be used to pay for public transport in the city or, for example, to order an Uber.

According to Rose, this way older generations would also learn something about finance and crypto. Rose’s proposal made it to most British news websites last week.