The revolutionary technology of Bitcoin (BTC) is driving the adoption of crypto assets in the UK. More and more Britons are buying cryptocurrencies, according to a Coinbase study by Qualtrics.
The key points indicate that 33% of Britons own some form of cryptocurrency, up from 29% in October 2021. Furthermore, more than half, 61%, of those surveyed intend to increase their holdings in the next 12 months.
For Danny Scott, CEO of the UK’s leading Bitcoin exchange, CoinCorner, the stats “seem unbelievably high.” Scott suggested that “we are seeing a lull in the retail market right now”, adding that “when the price settles, so does rookie interest.”
“Without knowing the source of this, I would venture to guess that the size of the survey was small and fortunately falling in the direction of higher adoption than reality.”
Figures from Statista suggest that UK crypto ownership is much lower – around 7%, while previous Cointelegraph notes suggested UK crypto ownership was below 10%.
For Scott, “Instead of looking at this negatively, we should look at it as an opportunity to take a breather and build the infrastructure for the next wave, as we all know the industry continues to operate in cycles.” In fact, Bitcoin recently crossed the midpoint on the way to its next halving.
The Coinbase report also highlighted that Bitcoin is the favorite cryptocurrency among UK consumers. Ethereum (ETH) is owned by 52% of respondents with Dogecoin (DOGE) and Binance Coin (BNB) at 34% and 33%, respectively.
In the UK, it’s not just the retail market that is interested in crypto: Her Majesty’s Treasury also seems to be keeping a close eye on Bitcoin’s slow price action. Her Majesty’s Treasury’s decision to create a royal NFT for the summer drew the attention of the crypto community in April, amid debate over stablecoin regulation in the UK.
Chancellor @RishiSunak have asked @RoyalMintUK to create an NFT to be issued by the summer.
This decision shows the forward-looking approach we are determined to take towards cryptoassets in the UK. pic.twitter.com/cd0tiailBK
— HM Treasury (@hmtreasury) April 4, 2022
A Coinbase spokesperson told Cointelegraph that the population of 67 million Britons creates a “leading cryptocurrency investment hub in Europe”, highlighting that there is a growing proportion of people investing these assets.
“Recent survey work suggests that the adoption trend may continue, as many share the ambition to expand the size and diversification of their investment portfolios.”
Adding a note of caution, the spokesperson suggested that “it is clear there is more work to be done around driving understanding and awareness of these assets.” An experienced employee of the Financial Conduct Authority (FCA) recently took up a position in the digital asset department to support the “government’s vision for cryptocurrencies.”
For CEO Coincorner, this is “a real, everyday use case, rather than focusing on clients who want to speculate on hundreds of different cryptocurrencies that offer nothing of use in the real world.”
Cointelegraph has compiled an analysis of the changes in the UK financial and crypto landscape in light of recent changes in the FCA stance on cryptocurrencies.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
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