Cryptocurrency fans have a lot to look forward to with the new prime minister, who features a journal of being extremely positive about the industry.
A former investment banker turned savvy politician, Rishi Sunak has had an implausibly prolific career in mere a brief amount of your 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 beginning his tenure as prime minister.
As the youngest PM to take office in the U.K. in more than 200 years, Sunak has one thing 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 selecting to apportion significantly more of their portfolios to crypto” than their older counterparts. additionally, those in the 21–42 age bracket are “more probably to believe crypto offers the best opportunities for growth” and apportion a median of 15% of their portfolios to crypto investments, compared with the two invested with by the over-42s.
The distinction is, of course, that Sunak doesn’t simply keep his soft spot for cryptocurrencies to himself. not like several of his peers, he's really capable of advancing the trade in entirely new, exciting ways that. He will propose legislation, issue laws and break through new concepts. He will pave the approach for the migration from Web2 to Web3 — which can for the most part be engineered on technologies like cryptocurrencies however also will embody nonfungible tokens (NFTs), blockchain, AI and also the advent of the metaverse, among others — and probably build a Web3 hub out of the U.K. in no time.
“It’s my ambition to make the U.K. a global hub for crypto-asset technology,” Sunak said as chancellor of the exchequer, highlighting the need to “ensure firms can invest, innovate and scale up in this country.”
( LARS SEIER CHRISTENSEN, Cointelegraph, 2022 )