Weekly Flip Thru: The UK Has a New (Crypto-Friendly) Prime Minister, Reddit NFTs Soar to New Highs on OpenSea
You scream, I scream, we all scream for … cool crypto news? Anyway, even if that enthusiastic intro doesn’t quite hook you, we promise there are some thrilling bits of info in this week’s roundup of crypto news from across the globe. Highlights we’re looking at this week include the new UK Prime Minister’s attitude on crypto, a newcomer to the top charts of the NFT marketplace, and some interesting results on millennial and Gen Z views on crypto as retirement savings.
Read on (if you dare!) for the top crypto news for the week of 10/31/2022.
The UK Has a New Prime Minister, And He’s Bullish on Crypto (Decrypt)
The United Kingdom has a new prime minister, and he played an instrumental role in shaping the government’s crypto ambitions in his previous cabinet position. Rishi Sunak ascended to the job after fellow Conservative party member Liz Truss stepped down after just 44 days as PM. Truss introduced a controversial tax bill in the beginning of her term that sent markets plummeting. When she left office last week, the British pound was at a historic low while inflation was at a 40-year high for the UK. Sunak is regarded as an economic-minded fit in the PM role and his time serving as Chancellor of the exchequer in the Boris Johnson administration is where many crypto watchers first learned about his credentials. Sunak has stated that he wants the UK to become a global crypto hub.
Reddit NFT Collections Rise to the Top of Digital Collectibles Market (CoinDesk)
Reddit users are cashing in on the social network’s NFTs, helping them rise to be among the most valuable collections on NFT trading platform OpenSea. The talk of non-fungible tokens was tamped down when the feature was first introduced on Reddit in July of 2022, though. Back then, Reddit had branded the unique avatars as Digital Collectibles and there was very little mention of crypto since Redditors had the ability to purchase the digital avatars with cash. The thing is, once you find yourself in a marketplace that shows demand for a crypto-backed asset, you’re into crypto! At least that’s the popular sentiment among Redditors who are now finding a $10 NFT purchased a few months ago to spruce up their online profile is trading for 100x the purchase price.
Nearly Half of Millennials and Gen Z Want Crypto in Their Retirement Funds, Survey Finds (CoinTelegraph)
If millennial and Gen Z workers could close their eyes and make a wish for their 401(k) products, it looks like a decent number of them might wish for cryptocurrency to play a role in their retirement savings. Asset manager Charles Schwab found 46% of Gen Z and 45% of millennials who responded to a survey about 401(k) retirement saving products were interested in cryptocurrency being part of the mix. Charles Schwab reached out to more than 1,000 participants for the survey, but the numbers may show some of the bloom from a robust crypto market, since the survey was conducted in April of 2022. Digital asset prices have fallen by as much as 70% for some of the most popular coins and tokens since the spring of 2022.
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