Despite high volatility, UK retail investors have been investing heavily in cryptocurrencies in recent times. A research brought forward that all Britons together invested almost 32 billion pounds (about 36 billion euros) in crypto.
Growing interest in crypto
This amount in itself does not say much. The amount that each person invested on average is more interesting. Each Briton invested an average of £473 in cryptocurrencies. 34% of Britons own crypto, the survey reports. The most popular of these are bitcoin (BTC), ethereum (ETH), and dogecoin (DOGE).
The research also showed that it is mainly men who invest in crypto. Men invest relatively not only more often but also more money in crypto.
According to the research, it is increasingly possible to buy goods with cryptocurrencies in Great Britain. Clothing and homes, in particular, are emerging as sectors where Britons pay with crypto. However, the researchers foresee a lot of obstacles on the road to widespread crypto adoption. Crypto expert Dr. Garrick Hileman says:
“There is still a lot to do before Brits can take advantage of the technology even more. It is nice to see that some Brits use cryptocurrencies when purchasing products. But the amount of shops that accept crypto as a means of payment is very small. More merchants need to accept crypto as a means of payment to enable wider adoption.”
crypto knowledge
The study also analyzed the knowledge about crypto among the British population. Only 11% of those surveyed say they know how crypto works and 19% say they understand it reasonably well. The research also expects a growth in British retail investment. Especially the younger generation shows a lot of interest in the crypto sector.
Although the British themselves show a growing interest in crypto, the future of the crypto sector in Britain is uncertain. Regulations can be an obstacle to wider adoption. However, there are also concrete plans from the British government to transform the country into a crypto hub.