One-third of Britain now owns crypto as the pound declines
As the Pound tumbles, one-third of British citizens now own cryptocurrency. Over one-third of Britain already hold cryptocurrency, with 41% of men and 27% of women investing in the business.
According to recent research from VoucherCodes, 34% of British people own some type of digital asset. Bitcoin (20%), Ethereum (8%), Dogecoin (6%), Litecoin (5%) and Chainlink (3%) are the most popular currencies among British crypto purchasers.
The announcement that one-third of the U.K.’s population has joined the crypto market comes against the background of a cost-of-living crisis caused by soaring gas costs and a pound that is falling versus its foreign competitors.
The political editor of ITV News, Robert Peston, tweeted on Monday that “the value of the pound versus the dollar has collapsed by more than a fifth. The decline against the Euro is a modest but significant 7%.”
There is now accumulating evidence that people who understand cryptocurrencies invest in it, but those who do not are at risk of falling behind. There are still a substantial number of U.K. citizens who have not yet put their toes in the crypto water, and the vast majority of these individuals are resolved to never do so.
Within the 66% of Britons who do not hold any cryptocurrency, there exists a core of crypto sceptics with extreme scepticism. In contrast to the 34% of British individuals who are currently using or owning crypto, 35% have responded “no way”
40% of consumers mention a lack of information or comprehension as the primary reason for their reluctance to use cryptocurrencies. Immediately after this is the allegation that it is unregulated. Many of the other reasons given for not embracing crypto come under the area of a lack of comprehension or expertise.