British crypto ownership skyrockets this year.

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The United Kingdom has been more subtle in its interests in cryptocurrencies, but recent figures of Bitcoin ownership suggest its citizens aren’t. A Qualtrics research carried out for Coinbase revealed that there is growing interest amongst Brits for bitcoin.

The previous survey done by the Qualtrics team in October 2021 showed that bitcoin adoption was at 29%, and this figure has increased by around 4% during the seven-month interval between October and now. Another piece of information to be gotten from the survey showed that almost 62% of the respondents plan to add to their position in the next year.

Speaking on the information, Danny Scott, the Chief Executive officer of one of the biggest bitcoin exchanges in the United Kingdom, CoinCorner, explained that the figure we see now seems like an increase from the norm, but considering that we are in one of the biggest crypto bear markets in history, the sentiments for newbies to join cryptocurrencies is low. When the volatility reduces, and an upward trend begins, we will likely enjoy much more interest from newbies.

Controversial report?

While no one is disputing the report’s authenticity, a comparison with other recently conducted surveys showed a wide disconnection. Even Danny Scott commented that while the source of the survey is not fully known, the only explanation is that Coinbase used a really small sample size. Luckily, the lot fell on proponents of crypto adoption.

The reality seems far from that.

The two major surveys that are talked about in this regard are from Statistica and Cointelegraph. The former showed that the percentage of crypto adoption in the UK rests around 7%, as Nigeria (Africa) has the most innovative and mobile means of trading cryptocurrencies. The Cointelegraph report also showed that crypto ownership was around 10%. Further analysis of the Cointelegraph report showed that the UK ranks in third place for Ethereum ownership, and although details like this cannot be seen on the ether block explorer, total crypto ownership increased by 1% from the last time the survey was held.

As explained by Scott, this might not be the best time to weigh in on the differences in survey reports. What really matters is that we take something positive from this and improve on infrastructural development for the next bull run. We are currently in a downtime, and the cyclical nature of cryptocurrencies shows we can do better in preparing for the next cycle.

Other information gleaned from the Coinbase report showed that bitcoin is the most-owned cryptocurrency amongst UK residents. The next two cryptocurrencies in line are Ethereum and Dogecoin, with 52% and 34% ownership amongst those interviewed. Binance coin (BNB) is also a popularly owned token, coming in at 33%, just 1% off the third position. Credit should be given to the UK treasury too. Her Majesty’s treasury has not reduced its exposure to bitcoin despite the current downturn, and there are even plans to create the first royal NFT later this year. This is a positive from months of discussion surrounding regulating stable coins in the country.

As seen in the Her Majesty Treasury’s Twitter account, the decision to launch the NFT is one of many ways to show the country is embracing every meaningful part of blockchain technology.

As heard from a spokesperson sent by coinbase, there is a steady involvement of brits in crypto adoption, and having 67 million Brits holding cryptocurrencies is not subject to chance or fluke. UK citizens are enjoying the trend of owning these assets.

As earlier said, a lot of these current owners are looking to increase their holdings, or venture into new crypto tokens. This dip presents itself as a perfect opportunity to buy low and sell high.

Despite these trends, there is still a lot needed to be done to understand the risk-reward systems surrounding bitcoin. The government is sure to support cryptocurrencies, but not at the expense of the citizen’s capital safety.

Perhaps, one thing that will boost this adoption is if more emphasis is placed on tokens that have real-life use cases rather than speculative assets. Although meme coins, as they are popularly called, see volumes many good tokens only dream of, the underlying factor of being perceived as a get-rich-quick scheme rather than something to solve real problems will hamper its development and that of the crypto space at large