UK Prime Minister Rishi Sunak's win was a victory for crypto
A former investment banker turned savvy politician, Rishi Sunak has had an incredibly prolific career in just a short period of time. At only 42, he has served as a member of the United Kingdom’s Parliament, chief secretary to the treasury and chancellor of the exchequer — and now, he’s starting his tenure as prime minister.
As the youngest PM to take office in the U.K. in more than 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 found, “Younger investors are choosing to allocate significantly more of their portfolios to crypto” than their older counterparts. Additionally, those in the 21–42 age bracket are “more likely to believe crypto offers the greatest opportunities for growth” and allocate an average of 15% of their portfolios to crypto investments, compared with the 2% invested by the over-42s.
The difference is, of course, that Sunak doesn’t just keep his soft spot for cryptocurrencies to himself. Unlike many of his peers, he is actually capable of advancing the industry in entirely new, exciting ways. He can propose legislation, issue regulations and push through new ideas. He can pave the way for the migration from Web2 to Web3 — which will largely be built on technologies like cryptocurrencies but will also include nonfungible tokens (NFTs), blockchain, artificial intelligence and the advent of the metaverse, among others — and potentially make a Web3 hub out of the U.K. in no time.
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Make no mistake: This is not pure speculation — he said so himself.
“It’s my ambition to make the U.K. a global hub for crypto-asset technology,” Sunak said as
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