Over a third of Britons now own some form of cryptocurrency, with 41% of men and 27% of women investing in the industry.
According to a recent report by VoucherCodes, it found that 34% of UK citizens hold some form of digital asset. The most popular coins among UK cryptocurrency buyers are Bitcoin (20%), Ethereum (8%), Dogecoin (6%), Litecoin (5%) and Chainlink (3%).
The news that a third of the UK population is entering the crypto market comes against the backdrop of a cost of living crisis) As ITV News political editor Robert Peston tweeted on Monday “The pound has lost more than a fifth of its value against the dollar. Against the euro a smaller, but not a paltry 7%. Against the Swiss franc, it’s down more than 14%. In other words, under the leadership of this government The value of UK assets has collapsed.”
Cryptocurrency adoption is taking off
There are now more and more Evidence suggests that those who get access to cryptocurrencies are buying, and those who are not in danger of being left behind. There are still quite a few UK residents who have yet to dabble in the cryptocurrency waters, and most of them seem determined never to.
With 66% of Britons not owning any cryptocurrency, hard-line crypto opponents still have a high core of suspicion. A similarly sized 35% are already deeply involved and say “impossible”, compared to 34% of UK citizens who already use or hold cryptocurrencies.
40% of users cited lack of knowledge as the most common reason for not adopting cryptocurrencies or understanding. This is followed by its unregulated assertion. Among the other reasons for not adopting encryption, many fall into the category of lack of understanding or knowledge.
As report contributor Dr. Garrick Hileman put it, “Education today may remain the biggest barrier to cryptocurrency adoption.”
One A small percentage of citizens (19%) claim to be conscious, but still do not invest at all.
The new UK government has done one thing right
Regardless of the individual UK citizens Whether fully aware of cryptocurrencies, British officials seem to understand its potential to grow. Following the Conservative Party leadership election, the new UK government, led by Liz Truss, was quick to say it was open to crypto businesses
In a speech to the UK Parliament earlier this month, Finance Minister Richard Fuller at the Department of Economics explained why the country is embracing the industry. “The UK government is looking at ways to achieve a global competitive advantage for the UK,” Fuller said.
Fuller said the government believes the UK “can be the best starting point and scaling encryption in the world.” Technology.”
Sadly for Truss, while her administration may understand the potential of the cryptocurrency industry, its broader economic policies suggest less grasp of fundamental economic realities .
Sterling fell this week after hinting at tax cuts and major new spending plans in its so-called mini-budget. Markets were spooked by hints that UK borrowing levels would rise. The deteriorating macro environment has led to speculation that the Bank of England may be forced to implement an emergency rate hike.
The UK may be right that cryptocurrencies offer a huge potential growth market country for the UK, but it cannot provide a panacea for reckless economic policy in every other area.
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