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

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

Although crypto prices continue to experience significant volatility, new data shows that UK citizens are pouring more and more funds into the sector.

In particular, Brits have so far spent around £31.795 billion ($34.7 billion) invest in cryptocurrencies. In particular, the report entitled “Cryptocurrency on the main street‘ reported that every Brit spent around £473 on cryptocurrencies, according to data from Voucher Codes share with finbold September 23.

The amount spent on digital assets was calculated by multiplying the amount the average Briton spent on cryptocurrencies by the latest demographic figures for the region according to the World Bank.

According to the findings, around 34% of the UK population owns different forms of cryptocurrency. A breakdown of popular cryptocurrencies shows that Bitcoin (BTC) ranks first with a 20% share, followed by Ethereum (ETH) at 8%, while Dogecoin (DOGE) is third with 6%.

Popular cryptocurrencies in Britain. Source: promotional codes

However, the country continues to record a gender imbalance in crypto ownership, with 41% of men owning digital assets, recording an average spend of £767. Likewise, the imbalance is recorded in spending using digital assets, with only 27% of women investing in their crypto walletwith £214 on average.

Use of crypto in payments

Also, there is an increased use of cryptocurrencies in the purchase of essential goods goods using cryptocurrencies with increased integration of digital assets into payments.

Interestingly, clothing ranks first at 13%, the same share as homes, while vacations account for 11%.

Popular crypto buys. Source: promotional codes

At the same time, the researchers pointed to the scarcity of retailers accepting crypto payments as a crucial barrier.

“However, for the British to benefit more 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 beginning to purchase products with their digital currency, the number of retailers accepting crypto as a method of payment is still limited. For mainstream adoption to take place, we need to see more retailers welcoming crypto,” said Dr. Garrick Hileman, a crypto expert.

Understanding of cryptography

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

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

Despite the growing use of cryptocurrency in the UK, the region faces uncertainty from a regulatory standpoint. However, lawmakers in the country are pushing to make the region a global crypto hub with the right regulations.

Disclaimer: The content of this site should not be considered investment advice. The investment is speculative. When you invest, your capital is at risk.

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