More than a third of Britons now own some form of cryptocurrency, with 41% of men and 27% of women having invested in the industry.
This according to a recent report by VoucherCodes which found that 34% of UK citizens owned some form of digital asset. The most popular among UK cryptocurrency buyers are Bitcoin (20%), Ethereum (8%), Dogecoin (6%), Litecoin (5%) and Chainlink (3%).
The news that a third of UK population entered the crypto market It comes against the backdrop of the cost of living crisis as oil prices soar and the pound plummets against its international rivals.
as pointed in Twitter Robert Peston, the political editor of ITV News, “the value of the pound against the dollar has fallen by more than a fifth. Against the euro, the decline is 7% less but not insignificant. Against the Swiss franc, the fall is more than 14%. In other words, the value of British assets has collapsed under this government.”
Crypto Adoption Takes Off
There is now growing evidence that those who obtain cryptocurrency are buying, while those who do not risk being left behind. There are still a significant number of UK residents who have yet to dip their toe in the crypto water and most of them seem determined never to get in.
Among the 66% of Britons who own no cryptocurrency, there remains a hyper-skeptical core of die-hard cryptocurrency critics. Unlike the 34% of UK citizens who already use or own crypto, a similarly sized group of 35% engaged and said “certainly not”.
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. Other reasons cited for not adopting cryptocurrenciesmany fall into the category of lack of understanding or knowledge.
As the contributor to the report puts it, Dr. Garrick Hileman, “education may still be the obstacle today most important for cryptocurrency adoption. A much smaller percentage of citizens (19%) claim to be aware and would still not invest at all.
Britain’s new government is doing one thing right
that the citizens Brits fully understand crypto or not, UK officials They seem to understand their growth potential. Following the Conservative leadership election, the new UK government led by Liz Truss was quick to stress that it was open to the cryptocurrency sector.
In a speech before the Parliament of the Kingdom Joined earlier this month, Richard Fuller, the Economic Secretary of the Treasury, explained why the country was embracing industry. Fuller said “the UK government is exploring ways to achieve a global competitive advantage for the UK”.
Fuller said the government believes the UK “can become the best place in the world to start and scale crypto technologies.”
Unfortunately for Truss, while your government can understand the potential of the cryptocurrency industrytheir broader economic policies indicate a lesser understanding of fundamental economic reality.
After highlighting tax cuts and major new spending plans in his appeal mini budget This week, the pound has lost value.
The market was spooked by the implication that UK debt levels will rise. The deteriorating macroeconomic environment has led to speculation that the Bank of England may be forced to implement an emergency interest rate hike.
The UK may be right that cryptocurrency provides a huge potential growth market for the country, but it cannot offer a panacea to reckless economic policies in all other areas.
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