The number rises: Coinbase report, Third of Brits have bought Cryptocurrencies

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The number rises: Coinbase report, Third of Brits have bought Cryptocurrencies

NewsThe number rises: Coinbase report, Third of Brits have bought Cryptocurrencies

According to a Coinbase study, the proportion of Brits who have purchased cryptocurrency has risen from 4% to 33% since October 2021.

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The growing popularity of Bitcoin (BTC) numbers is encouraging more people to use crypto in the United Kingdom. According to a Coinbase study conducted by Qualtrics, more British people are buying cryptocurrency every day.

The most significant takeaways are that 33% of British citizens now own crypto, up from 29% in October 2021. Furthermore, over half of those polled (61%) plan to increase their crypto holdings over the next year.

The statistics, according to Danny Scott, CEO of the United Kingdom’s largest Bitcoin exchange CoinCorner, “seem extremely high.” Scott suggested that “we’re currently in a quiet period from the retail market,” adding that “when the price is set, so is interest from newcomers.”

“I’d guess the survey size was tiny and fell conveniently in the direction of increased adoption than the actuality, without knowing where it came from.

According to Statista, crypto ownership in the United Kingdom is significantly lower—around 7%, as opposed to prior Cointelegraph reporting that stated crypto ownership in the United Kingdom was under 10%.

“Rather of viewing this as a problem, we should consider it as an opportunity to take a break and develop the infrastructure for the next wave,” says Scott. Indeed, Bitcoin has recently passed halfway towards its next halving.

The Coinbase study found that among British consumers, Bitcoin is the monarch of crypto since it is the most commonly held cryptocurrency. Ethereum (ETH) is owned by 52% of those polled, Dogecoin (DOGE) by 34%, and Binance Coin (BNB) by 33%.

It’s not just the retail sector that is keeping an eye on cryptocurrencies in the United Kingdom: Her Majesty’s Treasury, too, appears to be hanging in there despite sluggish Bitcoin price action. In April, HM Treasury’s decision to create a royal NFT piqued the crypto community’s attention amid talk about stablecoin regulation in the U.K.

The population of 67 million Brits, according to Coinbase, creates a “leading European hub of crypto investment,” with the number of individuals engaging with these assets growing.

“Many individuals have expressed interest in growing the size and variedness of their portfolios, according to recent survey research. “

The spokesperson added that while the government “recognizes the importance of these technologies,” it is “entirely clear that there is more work to be done in terms of increasing awareness and understanding of them.” A seasoned Financial Conduct Authority (FCA) employee has recently assumed a role in the digital assets department to help fulfill the government’s “vision for crypto.”

It’s all about “actual real-world, day-to-day use,” according to Coincorner. It’s not about focusing on people who want to speculate on hundreds of different cryptocurrencies that don’t provide anything of actual use.

In light of the recent adjustments to the FCA’s crypto position, Cointelegraph has created a report evaluating changes to the U.K.’s financial and cryptocurrency climate.