A Qualtrics report carried out by Coinbase shows that the number of Brits who have bought crypto is up 4% to 33% since October 2021.
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.
For Danny Scott, CEO of the United Kingdom’s leading Bitcoin exchange, CoinCorner, the statistics “seem incredibly high.” Scott suggested that “we’re seeing a quiet period from the retail market right now,” adding that “when the price settles, so does the interest from newbies.”
“Without knowing the source for this, I’d hazard a guess the survey size was small and fell luckily in the direction of more adoption than the reality.”
Statistics from Statista suggest that crypto ownership in the United Kingdom is much lower—around the 7% mark, whereas previous Cointelegraph reporting suggested that U.K. crypto ownership was under 10%.
For Scott, “rather than look at this in a negative way, we should see this as an opportunity to take a breather and build out the infrastructure for the next wave, as we all know the industry continues to operate in the cycles.” Indeed, Bitcoin recently crossed the halfway point on the way to its next halving.
The Coinbase 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.
In the United Kingdom, it’s not just the retail market that’s interested in crypto: Her Majesty’s Treasury also appears to be sticking through sluggish Bitcoin price action. HM Treasury’s decision to create a royal NFT by the summer caught the crypto community’s attention in April amid discussion surrounding stablecoin regulation in the U.K.