Rishi Sunak's win as UK prime minister, a triumph for crypto

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Rishi Sunak is a former investment banker and savvy politician who has had an incredibly prolific career in just a short period. Rishi Sunak has accomplished a lot in his 42 years, including serving as a member of Parliament, chief secretary to the treasury, and chancellor of the exchequer. Now, he is starting his tenure as prime minister. 

At just 42 years old, Rishi Sunak is the youngest prime minister to take office in the United Kingdom in over 200 years. He also has something else in common with his millennial peers: He's a crypto enthusiast. A recent Bank of America survey found that younger investors allocate significantly more of their portfolios to crypto assets than older investors.

This trend indicates that crypto is here to stay and will only become more popular in the future. According to the survey, people aged 21-42 are likelier to believe that crypto offers the greatest growth opportunities. They also tend to allocate a higher percentage of their portfolios to crypto investments, averaging 15 percent compared to the 2 percent invested by people over 42.

Sunak is unlike many of his peers who keep their soft spot for crypto assets to themselves. He has the ability to propel the industry forward in entirely new ways. He can introduce legislation, issue regulations and push through new ideas. He can lay the foundation for the migration from Web2 to Web3 — which will be mainly constructed using technologies like crypto assets but will also include nonfungible tokens (NFTs), blockchain, artificial intelligence and the metaverse, to name a few — and potentially turn the U.K. into a leading Web3 hub in a short amount of time.

Sunak, as chancellor of the exchequer, stated, “It’s my ambition to make the U.K. a global hub for crypto-asset technology.” He further added that he would “ensure firms can invest, innovate and scale up in this country.”