UK retail investors are estimated to have spent over £30 billion on crypto

Although crypto prices continue to show significant volatility, new data shows UK citizens are increasingly pumping funds into the sector.

Notably, Britons have so far spent about £31.795 billion ($34.7 billion) investing in cryptocurrencies. In particular, the report entitled “Cryptocurrency on the High Street‘ stated that every Brit was reported to have spent an estimated £473 on cryptocurrencies Coupon Codes shared with Finbold on September 23rd.

The amount spent on digital assets was calculated by multiplying the amount the average Briton has spent on cryptocurrencies by the region’s latest population numbers according to the World Bank.

According to the results, around 34% of the UK population owns various forms of cryptocurrency. A breakdown of popular cryptocurrencies shows that Bitcoin (BTC) comes first with a 20% share, followed by Ethereum (ETH) at 8% and Dogecoin (DOGE) at 6%.

Popular cryptocurrencies in the UK. Source: Coupon Codes

However, the country continues to see a gender imbalance in crypto ownership, with 41% of men owning digital assets and spending an average of £767. Similarly, the disparity in spending on digital assets is noted, with only 27% of women investing in their crypto wallet with an average of £214.

Use of crypto in payment transactions

Additionally, there is an increasing use of cryptocurrencies in the purchase of essential goods using cryptocurrencies with an increasing incorporation of digital assets into retail payments.

Interestingly, clothing tops the list at 13%, the same share as houses, while vacations make up 11%.

Popular Crypto Purchases. Source: Coupon Codes

At the same time, the researchers pointed out that the lack of retailers accepting crypto payments is a key obstacle.

“However, for the British to continue to benefit from the technology, it is clear that there is still a lot to be done. While it is encouraging to see from research that some are beginning to purchase goods using their digital currency, the number of retailers accepting crypto as a payment method is still small. For widespread adoption to take place, more retailers need to embrace crypto,” said Dr. Garrick Hileman, a crypto expert.

Crypto Understanding

Elsewhere, the study highlighted discrepancies in understanding how cryptocurrencies work, with 11% of Brits saying they are very knowledgeable on the industry, while 19% have a reasonable understanding.

The researchers further pointed out that future interest in cryptocurrency issuance is likely to increase, with an average person intending to invest around £593. The younger generation in particular sees cryptocurrencies as the future.

Despite the growing use of cryptocurrencies in the UK, the region faces uncertainty from a regulatory perspective. However, the country’s lawmakers are pushing to turn the region into a global crypto hub through the right regulations.

Disclaimer: The content of this website should not be construed as investment advice. Investing is speculative. When investing, your capital is at risk.

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