Rising Bitcoin (BTC) volume technology is driving cryptocurrency adoption in the UK. According to Coinbase research conducted by Qualtrics, more and more people in the UK are buying cryptocurrencies.
Key takeaways show that 33% of Britons own cryptocurrencies, up from 29% in October 2021. In addition, more than half or 61% of respondents intend to increase their holdings in the next 12 months.
For Danny Scott, CEO of leading UK bitcoin exchange CoinCorner, the statistic “seems very high.” “We’re seeing a period of calm in the retail market right now,” Scott suggested, adding that “when prices stabilize, newbie interest goes down.”
“Without knowing its source, I would venture a guess that the investigation was small, and luckily the adoption rate was higher than reality.”
Statistics from Statista suggest that UK cryptocurrency ownership is much lower – around 7%, compared to a previous Cointelegraph report showing UK cryptocurrency ownership below 10%.
For Scott, “Instead of looking at this in a negative light, we should see 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 king of cryptocurrencies among UK consumers as it is the most commonly owned cryptocurrency. Of those surveyed for Dogecoin (DOGE) and Binance Coin (BNB), 52% hold Ethereum (ETH), compared to 34% and 33%, respectively.
It’s not just the retail market that is interested in cryptocurrencies in the UK: the UK Treasury also appears to be experiencing slow Bitcoin price action. HM Treasury’s decision to create Royal NFTs by summer caught the attention of the crypto community in April amid discussions over UK stablecoin regulation
Principal @RishiSunak has asked @RoyalMintUK to create an NFT to be released over the summer.
This decision shows our determination to take a forward-looking approach to crypto-assets in the UK. pic.twitter.com/cd0tiaiilBK
— HM Treasury (@hmtreasury) April 4, 2022
A Coinbase spokesperson told Cointelegraph that 67 million Britons have created a “leading European hub for crypto investment,” highlighting the growing number of people involved in these assets.
“Recent survey work suggests that adoption trends are likely to continue, with many looking to increase the size and diversification of their portfolios.”
“It is clear that more work needs to be done to increase understanding and awareness of these assets,” the spokesperson added. A seasoned Financial Conduct Authority (FCA) employee who recently served in the digital assets division, To support the government’s “crypto vision”.
For Coincorner, it’s about “actual real-world everyday use cases, rather than focusing on customers who want to speculate on hundreds of different cryptocurrencies that don’t offer any real-world use.”
Related: Home sweet hodl: How a Bitcoiner used BTC to buy his mom a house
In light of the recent changes in the FCA’s crypto stance, Cointelegraph provided an analysis of changes in the UK financial and crypto space.