British Prime Minister Rishi Sunak's win was a win for crypto
Cryptocurrency fans have a lot to look forward to with the new Prime Minister, who has a reputation for being very positive about industry.< /p>
Opinion
Former investment banker turned savvy politician, Rishi Sunak has had an incredibly prolific career in a very short time. At just 42, he's been a Member of the UK's Parliament, Chief Secretary to the Treasury and Chancellor of the Exchequer – and now he's starting his term as Prime Minister.
As the youngest prime minister to take office in the UK in over 200 years, Sunak has something else in common with his millennial peers: he is a crypto enthusiast. In fact, as a recent Bank of America survey revealed, “younger investors are choosing to allocate significantly more of their portfolios to crypto” than their older counterparts. Additionally, people between the ages of 21 and 42 are “more likely to believe that crypto offers the best opportunities for growth” and allocate an average of 15% of their portfolios to crypto investments, compared to 2% invested by those over 18. 42 years old.
The difference is, of course, that Sunak doesn't just keep his weakness for cryptocurrencies to himself. Unlike many of his peers, he is genuinely capable of pushing the industry forward in entirely new and exciting ways. It can propose laws, enact regulations and promote new ideas. It can pave the way for the migration from Web2 to Web3 – which will be largely based on technologies such as cryptocurrencies, but will also include non-fungible tokens (NFTs), blockchain, artificial intelligence and the advent of the metaverse, among others – and potentially making a Web3 Hub out of the UK in no time.
Related: Feds Are Coming For The Metaverse, From Axie Infinity To Bored Apes
Make no mistake: this is not pure speculation; he said it himself.
"It is my ambition to make the UK a global hub for crypto-asset technology," Sunak said as Chancellor of the Exchequer, stressing the need to "ensure that companies can invest, innovate and develop in this country".
As Minister of Finance...
Cryptocurrency fans have a lot to look forward to with the new Prime Minister, who has a reputation for being very positive about industry.< /p>
Opinion
Former investment banker turned savvy politician, Rishi Sunak has had an incredibly prolific career in a very short time. At just 42, he's been a Member of the UK's Parliament, Chief Secretary to the Treasury and Chancellor of the Exchequer – and now he's starting his term as Prime Minister.
As the youngest prime minister to take office in the UK in over 200 years, Sunak has something else in common with his millennial peers: he is a crypto enthusiast. In fact, as a recent Bank of America survey revealed, “younger investors are choosing to allocate significantly more of their portfolios to crypto” than their older counterparts. Additionally, people between the ages of 21 and 42 are “more likely to believe that crypto offers the best opportunities for growth” and allocate an average of 15% of their portfolios to crypto investments, compared to 2% invested by those over 18. 42 years old.
The difference is, of course, that Sunak doesn't just keep his weakness for cryptocurrencies to himself. Unlike many of his peers, he is genuinely capable of pushing the industry forward in entirely new and exciting ways. It can propose laws, enact regulations and promote new ideas. It can pave the way for the migration from Web2 to Web3 – which will be largely based on technologies such as cryptocurrencies, but will also include non-fungible tokens (NFTs), blockchain, artificial intelligence and the advent of the metaverse, among others – and potentially making a Web3 Hub out of the UK in no time.
Related: Feds Are Coming For The Metaverse, From Axie Infinity To Bored Apes
Make no mistake: this is not pure speculation; he said it himself.
"It is my ambition to make the UK a global hub for crypto-asset technology," Sunak said as Chancellor of the Exchequer, stressing the need to "ensure that companies can invest, innovate and develop in this country".
As Minister of Finance...
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