It is always intriguing to see how consumers approach the concept of cryptocurrencies. These speculative assets have no appeal to many, yet others see them as an acceptable investment option. That latter sentiment has become a lot more outspoken in the United Kingdom in recent years.
Crypto Is A Popular Investment In The UK
For a region no one ever hears much of regarding cryptocurrencies, the United Kingdom seems fairly open-minded toward the idea. More precisely, the UK inhabitants have changed their opinion on how one can classify crypto assets these days. Although they will always be speculative in nature, it is also a viable way of diversifying one’s portfolio. As more traditional options offer little or no excitement, it is only normal alternatives become more appealing.
Per the UK’s FCA, roughly 2.3 million British adults have ownership of Bitcoin and other crypto assets. A respectable figure, as the combined population of Britain is estimated at 66.65 million. However, that means roughly 3% of the population knows about crypto assets and owns them, either in small or big quantities. A far cry from mainstream adoption, but these statistics head in the right direction.
What is even more interesting is how these numbers seemingly hold up despite the recent market crash. As all assets lost roughly 50% in value relatively quickly, it is usually a sign of people losing confidence. That is not necessarily the case here, as UK citizens eye crypto as a potential investment. Sadly, that comes at the cost of understanding the sector or what it all entails.
Further statistics confirm fewer people see crypto assets as a gamble. An interesting statement, given the volatile nature of Bitcoin and altcoins. There is always a risk associated with financial investments, regardless of the involvement of crypto assets. As such, any investment is a gamble by default, yet some may be riskier than others.
Little Interest In Stablecoins
Perhaps the most telling detail of this report is how the UK population cares far less about stablecoins. Although a stablecoin can be exchanged for any crypto asset, it has no fluctuating value. It is, in essence, as boring as watching paint dry. There is no real reason to invest in these currencies either, as most popular assets have a direct fiat pairing with the GBP.
Even so, the disinterest in stablecoins may seem a bit odd. Tether’s USDT and the USDC asset are more popular than the majority of altcoins by market cap. However, that doesn’t mean there is any reason to hold them as an investment, as they remain subject to inflation like fiat currency. Avoiding that inflationary threat can only occur by diversifying into alternative options, like Bitcoin.
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