The report revealed that a third of Britons currently own digital currency, with 41% held by men and 27% by women in the country.
According to a recent report by VoucherCodes, 34% of UK citizens own some form of digital asset. The most popular coins among British crypto buyers are Bitcoin (20%), Ethereum (8%), Dogecoin (6%), Litecoin (5%) and Chainlink (3%).
A third of the UK population has reportedly entered the crypto market as a result of the cost of living crisis due to the sudden jump in oil prices and the pound collapsing against international rivals.
As ITV News political editor Robert Peston pointed out on TwitterMonday this is
“The value of the pound against the dollar has fallen massively against the dollar. Against the Euro it has fallen by more than 7%, against the Swiss Franc it has fallen by more than 14%. In other words, the value of UK assets has collapsed under this government.”
Cryptocurrency Adoption Begins
Now there is growing evidence that people are starting to accept it. cryptocurrency More and more investors do not bear the risks alone. However, there is still a large proportion of the UK population that is not yet known and exposed to them. cryptocurrency And most seem determined not to know about the industry.
Within 66% of Britons who do not own There is still little correlation between any cryptocurrency as 34% of UK citizens already use or hold crypto, but 35% have said in the comments on the co that they have “no way” of using crypto.
The reason why the majority of the population does not accept cryptocurrency Based on a lack of knowledge and understanding at 40%, according to Dr. Garrick Hileman, “education is by far the single biggest barrier to crypto adoption.”
However, less than 19% of the population claim to be aware and will never invest in digital assets.
The new UK government is using crypto to compete globally.
Regardless of whether all British citizens fully understand cryptocurrency or not. UK officials also seem to understand the potential for growth. Following the Tory leadership elections, the new UK government led by Liz Truss quickly signaled its openness to crypto businesses.
Earlier this month, Richard Fuller, the Treasury’s Economic Secretary. Explain why this country is open to the industry. by reasoning that
“The UK government is looking for ways to secure a global competitive advantage.”
Fuller said the government believes the UK can be the best place in the world to start and scale crypto technology.
However, after announcing new tax cuts and spending plans this week, the British pound immediately fell amid panic that UK borrowing levels could rise. This would lead to a worsening macro environment and lead to the Bank of England speculating on an emergency rate hike.
