As the U.K.'s youngest prime minister to enter office, Sunak shares another trait with his millennial counterparts that they haven't shared in more than 200 years: a passion for cryptocurrencies. In fact, compared to their older counterparts, younger investors are choosing to dedicate a considerably higher percentage of their portfolios to cryptocurrencies, according to a recent Bank of America survey. Additionally, those between the ages of 21 and 42 invest an average of 15% of their portfolios in cryptocurrencies, compared to the 2% invested by those over 42, and are "more inclined to feel crypto offers the best potential for growth."
Of course, Sunak's willingness to share his fondness for cryptocurrency sets him apart from other people. He can truly advance the industry in completely new, interesting ways, unlike many of his peers. He has the power to introduce legislation, make rules, and advance fresh concepts. He can set the stage for the transition from Web2 to Web3, which will primarily be based on technologies like cryptocurrencies but also include nonfungible tokens (NFTs), blockchain, artificial intelligence, and the emergence of the metaverse, among others, and possibly turn the U.K. into a hub for Web3 in a flash.
Make no mistake, he acknowledged that this is not mere conjecture.
"I want to succeed in the U.K. As chancellor of the exchequer, Sunak emphasized the need to "guarantee enterprises can invest, innovate, and expand up in this country. a global hub for crypto-asset technology."
The Stanford alumnus pushed through a number of cryptocurrency-related projects while serving as finance minister under former British Prime Minister Boris Johnson as part of a larger plan to normalize and advance the cryptocurrency ecosystem in the country.
In order to keep the nation current or, in Sunak's words, "ensure the UK financial services industry is constantly at the forefront of technology and innovation," he declared in 2020 his desire to prioritize financial technology, such as central bank digital currencies (CBDCs) and stablecoins.
He recognized the need for ground-breaking changes in 2021 "to assist the safe adoption of cryptoassets and stablecoins" and even suggested that the Bank of England consider the creation of a CBDC. Just this spring, he introduced legislation to "have stablecoins recognized as a genuine form of payment in the UK" and directed the Royal Mint to develop a government-backed NFT to highlight the 1,136-year-old institution's "forward-looking approach."
To ensure that the UK financial services sector is constantly at the forefront of technology and innovation, Sunak stated in 2020 that he intended to prioritize financial technology, such as central bank digital currencies (CBDCs) and stablecoins, in order to help the nation keep up with the times.
In 2021, he noted the requirement for ground-breaking changes "to support the safe adoption of cryptoassets and stablecoins" and even went so far as to suggest that the Bank of England consider the creation of a CBDC. Just this spring, he introduced legislation to "have stablecoins recognized as a legal form of payment in the UK" and instructed the Royal Mint to produce a government-backed NFT exhibiting the 1,136-year-old institution's "forward-looking approach."
Following the White House's publication of the "first-ever complete framework for responsible development of digital assets" and the European Parliament Committee's final approval of the Markets in Crypto-Assets framework's much-debated wording, the U.K. A truly positive indication for the industry as a whole would be to follow closely behind. By 2023, the global crypto scene may have completely changed, becoming more developed, regulated, pervasive, and broad. That can only ever be advantageous.
We may anticipate witnessing how the "youngest" innovation of our time is handled by the youngest prime minister in British history. I send him my best wishes for a safe voyage, prosperous markets, and success.