A Qualtrics report prepared by Coinbase shows that the number of Britons buying crypto has increased by 4% to 33% since October 2021.
Bitcoin (BTC) Number Go Up Technology Drives Cryptocurrency Adoption in the UK. More and more Britons are buying cryptocurrencies, according to a Coinbase study by Qualtrics.
Key data shows that 33% of Britons own crypto, up from 29% in October 2021. In addition, more than half, or 61% of respondents, intend to increase their assets over the next 12 months.
For Danny Scott, CEO of leading UK bitcoin exchange CoinCorner, the stats seem to be “incredibly high.” Scott suggested that “we are now in a quiet period in the retail market,” adding that “as prices are leveling off, so is newcomer interest.”
“Without knowing the source of this, I would guess that the size of the poll was small and, fortunately, falling towards more acceptance than reality.”
Statistics from Statista show that UK cryptocurrency ownership is much lower at around the 7% mark, while previous reports from Cointelegraph suggested that UK cryptocurrency ownership was below 10%.
For Scott: “Instead of looking at this negatively, we should see this as an opportunity to take a breather and build the infrastructure for the next wave as we all know the industry continues to be cyclical.” In fact, Bitcoin recently outperformed the medium term on its way to its next halving.
The Coinbase report also highlights that bitcoin is the king of cryptocurrencies among UK consumers as it is the most widely used cryptocurrency. Ethereum (ETH) owns 52% of respondents, Dogecoin (DOGE) and Binance Coin (BNB) – 34% and 33% respectively.
In the UK, it’s not just the retail market that is interested in cryptocurrencies: Her Majesty’s Treasury also seems to be holding back bitcoin’s sluggish price development. The decision by the UK Treasury to create a royal NFT by the summer caught the attention of the crypto community in April amid debate over stablecoin regulation in the UK.
A Coinbase spokesperson told Cointelegraph that a population of 67 million Britons is creating the “leading European center for crypto investment”, highlighting that the proportion of people exploring these assets is growing.
“The results of a recent survey suggest that the adoption trend could continue, with many sharing the ambition to increase the size and diversify their portfolios.”
The spokesperson added a caution, suggesting that “clearly more needs to be done to promote understanding and awareness of these assets.” The Financial Conduct Authority (FCA) veteran recently took a position in the Digital Assets Division to support the government’s “vision for cryptocurrencies.”
For Coincorner, it’s about “actually real, everyday use cases, not customers who want to speculate on hundreds of different cryptocurrencies that offer no real value.”
Related: Home sweet hodl: how a bitcoiner used BTC to buy his mom a house
Cointelegraph has put together an analysis of how the UK financial and crypto landscape is changing, given the FCA’s recent shifts in its crypto stance.