A recent study by Voucher Codes revealed that a third of UK citizens currently own some form of cryptocurrency. Bitcoin is the most popular alternative and in general all English users who understand cryptocurrencies appreciate it, while those who do not yet risk being left behind in this territory.
In fact, the UK government has been pro-crypto lately and its economic policies seem tailor-made to leave out fiat currency.
According to this survey, 41% of UK men and 27% of UK women say they have invested in this industry, with a total of 34% of UK citizens currently owning some type of digital asset.
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As notable remarks, it should be noted that among the most popular cryptocurrencies for UK crypto buyers we find Bitcoin with 20%, Ethereum with 8%, Dogecoin with 6%, Litecoin with 5% and Chainlink with 3% .
Moreover, this data that a third of the English population has joined the crypto market comes in a complicated context due to the crisis of the rising cost of living as petrol prices soar. and that the pound collapses against other international currencies.
Indeed, the value of the pound against the dollar has fallen by more than a fifth, by more than 14% against the Swiss franc and against the euro the fall is 7%.
However, there are still a significant number of citizens residing in the UK who have not yet immersed themselves in the crypto sector and who are at risk of being “left behind”, since most of them say they are determined never to enter the world of crypto. . .
Among the 66% of UK citizens who do not own cryptocurrencies, there is a core of skeptical citizens who are against cryptocurrencies and this contrasts with the 34% of citizens who use and/or own crypto in the UK. United.
Among the most common reasons given by these users for not deciding to adopt cryptocurrencies, we find the lack of understanding or knowledge (40%) as well as the assertion that the sector is not regulated. On the other hand, the percentage of citizens who say they know about cryptocurrencies and who still do not think about investing is much lower (19%).
So, as the contributor to this report, Dr. Garrick Hileman, explained: “Education today is probably the biggest barrier to crypto adoption.
The most common reason cited by users for not adopting cryptocurrencies is lack of knowledge or understanding by 40%. This is closely followed by the claim that it is unregulated. Of the other reasons cited for not adopting cryptocurrencies, many fall into the category of lack of understanding or knowledge.
The British government is confident in the potential of the crypto sector
In this way, UK officials seem to understand and trust the growth potential of cryptocurrencies. The new UK government led by Liz Truss signaled early on that it was open to cryptocurrency activity.
In fact, the UK Treasury’s Economics Secretary explained in a speech in early September that the UK was embracing this industry in order to gain a global competitive advantage for the UK, considering that this country “can becoming the best place in the world to start and scale crypto technology.
Now, the economic policies of this government support the potential of the crypto sector but indicate a lesser understanding of general economic reality. So, with various spending plans and tax cuts presented last week, the pound has lost value.
Additionally, the market was also hit by news of increased borrowing levels in the UK if the Bank of England is forced to implement an emergency interest rate hike due to the deterioration of the macroeconomic environment.
The UK is certainly right to view cryptocurrencies and this sector in general as a huge potential growth market for the country, but it should continue to monitor its economic policies in other areas.