Bitcoin (BTC) is growing in popularity in the UK, increasing cryptocurrency adoption there. More and more Britons are buying cryptocurrencies, according to a Qualtrics survey conducted by Coinbase.
The most important thing about this is that 33 percent of the popular owner owns crypto. This is to be compared with 29 percent in October 2021. In addition, more than half (61 percent) of respondents stated that they intend to buy again within the next twelve months.
Danny Scott, CEO of the UK’s leading bitcoin exchange CoinCorner, finds these figures “incredibly high”. Scott said “we have a quiet period in the retail investment market right now.” He added, “as the price drops, newcomers will also show more interest.”
“Without looking at the sources, I would guess that the study was small and happened to involve higher adoption levels than it actually does.”
Statistics from Statista show that fewer UK citizens own crypto (around 7 per cent). The Cointelegraph has previously reported that less than 10 per cent of UK citizens own crypto.
Scott said: “We should not look at this as a negative, but as an opportunity to take a short break and build the infrastructure for the next wave. Because we all know that the industry continues to operate in cycles.” In fact, Bitcoin recently hit a milestone and is halfway to the next halving.
The Coinbase report also highlighted that Bitcoin is the most popular cryptocurrency among UK consumers as most of them own Bitcoin. 52 percent of respondents have Ethereum (ETH) and Dogecoin (DOGE) and Binance Coin (BNB) come to 34 percent and 33 percent, respectively.
In the UK, not only small investors are interested in cryptocurrencies: the UK Treasury is not overly impressed with current Bitcoin price developments. The Treasury announced plans to develop a royal NFT before the summer, causing uproar in the crypto community in April amid debates over stablecoin regulation in the UK.
This decision demonstrates the forward-looking approach we are determined to take towards cryptocurrencies in the UK. pic.twitter.com/cd0tiailBK
– HM Treasury (@hmtreasury) April 4, 2022
A Coinbase representative told the Cointelegraph that Britain’s 67 million citizens would form a “leading European hub for cryptocurrencies.” More and more citizens would engage in these assets.
“Recent research suggests that this trend may continue as many are looking to grow and diversify their portfolios.”
It said it was “clear that more needs to be done to improve the understanding and awareness of these assets.” A veteran FCA official has recently joined the digital assets department to implement “the government’s vision for crypto.”
Coincorner says it addresses “actual cases of everyday use instead of focusing on customers who want to speculate on hundreds of different cryptocurrencies that have no use in the real world.”
Related: Hodlen for house buying: How a bitcoiner bought his mother a house with BTC
The Cointelegraph has compiled an analysis of how the financial and crypto sectors are changing in the UK given the FCA’s recent shift in attitudes towards crypto.
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