Bitcoin (BTC) number go up technology is boosting crypto adoption in the United Kingdom. More and more Brits are buying cryptocurrency according to a Coinbase research piece carried out by Qualtrics.
The key takeaways indicate that 33% of British people own crypto, up from 29% in October 2021. Plus, over half, or 61%, of those surveyed intend to increase their holdings over the next 12 months.
The report also highlighted that Bitcoin is the king of crypto among U.K. consumers as it is the most commonly owned cryptocurrency. Ethereum (ETH) is held by 52% of those surveyed with Dogecoin (DOGE) and Binance Coin (BNB) at 34% and 33% respectively.
It’s not the retail market that’s interested in crypto: Her Majesty’s Treasury also appears to be sticking around despite sluggish Bitcoin price action. HM Treasury’s decision to create a royal NFT by the summer caught the crypto community’s attention in April, amidst discussion surrounding stablecoin regulation in the U.K.
This decision shows the the forward-looking approach we are determined to take towards cryptoassets in the UK. pic.twitter.com/cd0tiailBK
— HM Treasury (@hmtreasury) April 4, 2022
A Coinbase spokesperson told Cointelegraph that the population of 67 million Brits creates a “leading European hub of crypto investment,” highlight that there is a growing proportion of people engaging with these assets.
“Recent survey work suggests that the adoption trend may continue, with many sharing ambitions to expand the size and diversification of their portfolios.”
Adding a note of caution, the spokesperson suggested that “it is clear that there is more work to be done around boosting understanding and awareness of these assets.”
An experienced Financial Conduct Authority (FCA) employee recently took up a post at the digital assets department, in order to support the government’s “vision for crypto.”
Cointelegraph has compiled an analysis of changes to the U.K.’s financial and crypto landscape in light of the recent changes to the FCA’s crypto stance.
Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.