Although cryptocurrency prices continue to experience significant volatility, new data shows that Britons are pumping more and more funds into the sector.
In particular, the British have so far spent around 31.795 billion pounds (34.7 billion dollars) investing in cryptocurrencies. In particular, the report entitled ‘Cryptocurrencies on the High Street‘indicated that each Briton had spent around £ 473 on cryptocurrencies, according to data from Promotional codes shared with Finbold on 23 September.
The amount spent on digital assets was calculated by multiplying the amount the average Briton spent on cryptocurrencies by the latest population figures for the region according to the World Bank.
According to the results, around 34% of the British population owns various forms of cryptocurrency. An analysis of popular cryptocurrencies shows that Bitcoin (BTC) is in first place with a share of 20%, followed by Ethereum (ETH) at 8%, while Dogecoin (DOGE) is third at 6%.
However, the country continues to experience a gender imbalance in cryptocurrency ownership, with 41% of men owning digital assets, posting an average spend of £ 767. Similarly, the imbalance is seen in spending using digital assets. with only 27% of women investing in their crypto wallet, averaging £ 214.
Use of cryptocurrencies in payments
Additionally, there is greater use of cryptocurrencies in purchasing essential commodities using cryptocurrencies with greater retail incorporation of digital assets in payments.
Interestingly, clothing is 13%, the same share as homes, while holidays account for 11%.
At the same time, the researchers pointed out that the scarcity of retailers to accept cryptocurrency payments is a crucial barrier.
“However, in order for the British to further benefit from the technology, it is clear that there is still work to be done. While it is encouraging to see from research that some are starting to buy goods with their digital currency, the pool of retailers who accept cryptocurrencies as a payment method is still small. For widespread adoption to happen, we need to see more retailers welcoming cryptocurrencies, “said Dr. Garrick Hileman, a cryptocurrency expert.
Elsewhere, the study highlighted discrepancies in understanding how cryptocurrencies work, with 11% of Brits turning out to be highly knowledgeable in the industry while 19% having a reasonable understanding.
The researchers also pointed out that future interest in cryptocurrency spending is likely to grow, with an average person planning to invest around £ 593. Notably, the younger generation sees cryptocurrencies as the future.
Despite the growing use of cryptocurrency in the UK, the region is facing regulatory uncertainty. However, the country’s lawmakers are pushing to make the region a global crypto hub through the right regulations.