Crypto adoption continues to surge in Britain, with a whopping 33% of the country’s customers having previously invested in such assets. The ratio is up 4% from six months ago, and is second only to the Netherlands’ staggering 47% figure in Europe.
Britain Consumers Like Crypto
The figure comes from a Qualtrics study conducted twice a year on behalf of cryptocurrency exchange Coinbase. According to the study, 61% of Britons who possess cryptocurrencies aim to expand their holdings within a year, up from 54% 2021.
About two-thirds of those surveyed intend to grow their holdings in the cryptocurrencies they already own, compared to only 23% who want to diversify into new assets.
The data “seem incredibly high.” according to Danny Scott, CEO of CoinCorner, the UK’s top Bitcoin exchange. “we’re seeing a quiet period from the retail market right now,” Scott said, adding that “when the price settles, so does the interest from newbies.” He added:
“Without knowing the source for this, I’d hazard a guess the survey size was small and fell luckily in the direction of more adoption than the reality.”
In Europe, Britain is second only to the Netherlands (47%) in terms of consumer cryptocurrency ownership, ahead of Spain (26%), Italy (25%), Germany (24%), and France (24%). (17 percent ).
Bitcoin (BTC) and Ethereum (ETH) continue to be the most popular cryptocurrencies, with 75% and 52% ownership, respectively, followed by DOGE (34%), and Binance Coin (34%). (33 percent ).
According to Statista, crypto ownership in the United Kingdom is substantially lower—around 7%, when previous Cointelegraph reporting stated that it was under 10%.
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Her Majesty Government Turn To Crypto
Not just the retail market in Britain is interested in cryptocurrency: Her Majesty’s Treasury looks to be staying with it despite the sluggish Bitcoin price action. In April, amid debate over stablecoin legislation in the United Kingdom, HM Treasury announced its intention to create a royal NFT by the summer.
Chancellor @RishiSunak has asked @RoyalMintUK to create an NFT to be issued by the summer.
This decision shows the the forward-looking approach we are determined to take towards cryptoassets in the UK. pic.twitter.com/cd0tiailBK
— HM Treasury (@hmtreasury) April 4, 2022
Consumers’ perceived understanding of various crypto assets was also tested by Coinbase. Around 11% of people polled said they knew a lot about cryptocurrencies other than Bitcoin — a figure that is surprisingly similar to those who thought they knew a lot about traditional investment assets (13%).
In reality, it’s plausible that crypto knowledge is just generational rather than nonexistent. In a recent interview, billionaire hedge fund manager Paul Tudor Jones stated that he is “long” on crypto due to the “intellectual capital” entering the business today from colleges.
BTC/USD falls back to $36k. Source: TradingView
Most millennial millionaires have already invested in cryptocurrencies, according to a CNBC poll from last year. A recent Ipsos study found a substantial age gap among Americans who prefer to utilize cryptocurrency for payments.
A Coinbase spokesperson noted:
“The UK continues to be a leading European hub of crypto investment with a growing proportion of people engaging with these assets. Recent survey work suggests that the adoption trend may continue, with many sharing ambitions to expand the size and diversification of their portfolios. However, it is clear that there is more work to be done around boosting understanding and awareness of these assets.”
“It is clear that there is more work to be done around boosting understanding and awareness of these assets,” the spokesman added with caution. To support the government’s “vision for crypto,” an experienced Financial Conduct Authority (FCA) staffer recently joined the digital assets department.
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Featured image from Getty Images, chart from TradingView.com
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Author: Anifowoshe Ibrahim