Tom Tugendhat, a Member of Parliament of the United Kingdom (UK), urged the nation to include more innovations in its financial scope. What’s worth noting in his speech is interest in cryptocurrency, especially Ethereum (ETH).
In a recent speech, Tugendhat urged the government of the United Kingdom to consider more innovations in its financial sphere, believing that the world is advancing and any country that fails to get along as fast as possible may lag behind.
According to Tugendhat, some of the changes are coming from the internet, cryptocurrencies precisely. He thereby expressed his bullishness on the second-largest cryptocurrency by market capitalization, Ethereum (ETH).
The UK Parliament member pointed out that Ethereum (ETH) has been growing bigger to challenge and reduce the dominance of Bitcoin (BTC), the largest digital currency by market capitalization.
In his speech, he specifically stated that he is bullish on Ethereum, not Bitcoin.
Tom Tugendhat tweeted, “We need to think about the contracts and currencies that will shape future trade and risk sharing. We’re seeing the flippening from Bitcoin to Ether and we need HM Treasury to help create space for UK innovation and our legal system to learn what’s needed in a new economy.”
We need to think about the contracts and currencies that will shape future trade and risk sharing. We’re seeing the flippening from #Bitcoin to #Ether and we need @hmtreasury to help create space for UK innovation and our legal system to learn what’s needed in a new economy. pic.twitter.com/vUN0rxbW1W
— Tom Tugendhat (@TomTugendhat) May 20, 2021
Ethereum (ETH) and Other Cryptocurrencies in the Market
The crypto market is still struggling to recover from the major crash of the past week. Over the last 24 hours, there have been no major price uptrend or downtrend printed by major cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH).
Ether lost the $2,500 support level following an unfavorable announcement from China in relation to crypto mining. At the time of press, ETH is trading at $2,304.66, with a relatively 2% price downtrend based on 24 hours estimation.