Almost a year after Theresa May had succeeded David Cameron as the UK Prime Minister, a cryptocurrency named for her was launched. But more than two years after it came into existence, the Theresa May Coin seems to have reached the end of the road as the PM nears the sunset of her reign. Like the Prime Minister, the mineable cryptocurrency held much promise but has delivered little and is now on its deathbed.
Currently, the Theresa May Coin has a market capitalization of under $19,000 down from a peak market cap of $476,402 recorded on January 16 last year. At the time, one MAY was valued at $0.0171 but has since fallen to $0.000187, a depreciation rate of a whopping 98.91 percent.
Unfortunately for holders of the MAY bag, there are only two exchanges on which to dispose of their holdings. This means that unlike the Prime Minister who always had aides catering to her every demand (watch the video below), they might have to hold on to them forever as market activity is severely limited.
Since the crypto market hit a record high in late 2017, just about all cryptocurrencies retreated from their all-time highs, some to a greater extent than others. To put it bluntly, the MAY coin is a textbook example of a ‘bag’.
Could its disastrous performance have anything to do with the departing Prime Minister that it’s named for? Who knows, but it is not lost on the superstitious that Theresa May was appointed Prime Minister by Queen Elizabeth II on July 13th. Mrs. May also happens to be the 13th Prime Minister to serve under the Queen!
With Theresa May expected to formally tender her resignation on July 24th, the next UK Prime Minister will officially take charge shortly after. Barring a surprise, the next UK Premier is expected to be former Foreign Secretary and ex-London Mayor Boris Johnson.
The British political life boasts of many traditions and if a new cryptocurrency is named in honor of the incoming PM, it perhaps could be the start of a new ritual, even if it’s only for parody. If Boris Johnson takes the reins the name BoJo Coin is an obvious choice. That’s also because for the bicycle enthusiast Cycling Coin is already taken.
Cryptocurrencies have only been around for a decade but the politically-affiliated ones are already acting as indicators of the political fortunes of the particular politician’s name they bear. Per CoinMarketCap, the return on investment for a Theresa May coin has been -84.71 percent.
On the other hand, coins named after other politicians in the world who are unlikely to be unseated any time soon have all registered positive ROIs. Putincoin, obviously named for Russian President Vladimir Putin, boasts an ROI of 52.87 percent.
Trumpcoin has done even better despite the U.S. President showing his disdain for crypto. Since it was launched the coin has recorded an ROI of 1,928.63 percent.
Now that’s something not being tweeted about but should be!
Last modified: January 10, 2020 2:16 PM