Number goes up: A third of Brits have bought crypto, says Coinbase report

Bitcoin (BTC), number go up technology is driving crypto adoption in the United Kingdom. Qualtrics’ Coinbase research found that more Brits are purchasing cryptocurrency.

These key findings show that 33% of British citizens own crypto, compared to 29% in October 2021. Plus, 61% of the people surveyed plan to increase their crypto holdings in the next 12 months.

The statistics are “incredible” for Danny Scott, CoinCorner’s CEO. Scott said that there is a “quiet period” in the UK’s largest Bitcoin exchange, CoinCorner. He also suggested that the price will settle and that newbies will be interested when the price is stable.

“I don’t know the source of this information, but I would guess that the survey size was small. It fell fortunately in the direction to more adoption than the reality.”

Statista statistics show that the UK has much less crypto ownership than previously reported by Cointelegraph.

Scott says that rather than seeing this in a negative light, Scott sees it as an opportunity to breathe and create the infrastructure needed for the next wave. As we all know, the industry is still in cycles. Bitcoin has reached the halfway mark on its journey to the next halving.

Coinbase also revealed that Bitcoin is the most popular cryptocurrency among U.K. customers. 52% of respondents surveyed had Ethereum (ETH), while 34% and 33% respectively, have Binance Coin (BNB).

The United Kingdom’s crypto market is not limited to the retail market. Her Majesty’s Treasury seems to also be interested in the slow Bitcoin price action. During discussions about stablecoin regulation in the U.K., HM Treasury’s decision in April to establish a royal NFT before the summer caught the attention of the crypto community.

@RishiSunak, the Chancellor, has asked @RoyalMintUK for an NFT that will be issued this summer. This is a clear indication of the forward-looking approach that we intend to adopt towards cryptoassets in UK. pic.twitter.com/cd0tiailBK
— HM Treasury (@hmtreasury), April 4, 2022

Coinbase spokeswoman told Cointelegraph that the “leading European hub for crypto investment” is created by the population of 67million Brits. This highlights that there is an increasing number of people using these assets.

Recent survey results suggest that the adoption trend could continue with many people sharing the ambition to diversify and grow their portfolios.

The spokesperson added a cautionary note, stating that “it is evident that there is still more work to do around boosting understanding of these assets.” A former employee of the Financial Conduct Authority (FCA), was recently appointed to the digital assets department to help support the government’s “vision of crypto.”

Coincorner is focused on “real-world, everyday use” and not on customers who wish to speculate on hundreds upon hundreds of cryptocurrencies that offer no real world application.

Related: Home sweethodl: How a bitcoiner used BTC for his mom’s purchase of a house

Cointelegraph has done an analysis of the U.K.’s crypto and financial landscapes in light of recent changes to crypto stance by the FCA.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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