- Coinbase research has disclosed that 61 percent of Briton crypto holders plan to increase their position within a year, up from 54 percent in October 2021.
- In terms of perceived consumers’ understanding of crypto assets, 11 percent of the respondents admitted that they have a fair knowledge about cryptos beyond Bitcoin.
The crypto adoption rate in Great Britain has been unprecedented in the last couple of years. This has been confirmed in the latest report published by Coinbase which discloses that a third of Britons have now used crypto. According to the bi-annual analysis conducted by Qualtrics on behalf of Coinbase, 33 percent of Britons have previously invested in crypto and are only behind the Netherlands (47 percent). Spain has an overall crypto investment of 26 percent, Italy (25 percent), Germany (24 percent), and France (17 percent).
The research further disclosed that 61 percent of Briton crypto holders plan to increase their position within a year, up from 54 percent in October 2021. It was also established that two-thirds of crypto holders are more comfortable in increasing their positions in the assets already in their portfolio than expanding into other assets. Only 23 percent of the respondents are ready to purchase new crypto assets. As it stands, Bitcoin is the most commonly owned crypto-asset owned by 75 percent of the respondents, followed by Ethereum possessed by 52 percent. Dogecoin is owned by 34 percent, and Binance is owned by 33 percent of the respondents.
The decision of crypto holders not to expand into other assets was previously highlighted by Ripple CEO after he observed that Bitcoin holders see other crypto-assets as fundamentally invaluable.
Read More: Ripple executive warns about Bitcoin “tribalism”, reveals he holds ETH and BTC
The Coinbase research finding on consumers’ understanding of crypto
According to a Coinbase spokesperson, the trend of crypto adoption is more likely to continue.
Recent survey work suggests that the adoption trend may continue, with many sharing ambitions to expand the size and diversification of their portfolios.
In terms of perceived consumers’ understanding of crypto assets, 11 percent of the respondents admitted that they have a fair knowledge about cryptos beyond Bitcoin. This is said to be close to those who believe that they have an understanding of the traditional investment assets (13 percent). The understanding of crypto according to Billionaire hedge fund manager Paul Tudor Jones is not lacking, however, it is purely generational. According to him, the old generation struggles to understand this technology, but the same cannot be said of the young generation.
It’s hard to not want to be long on crypto because of the intellectual capital that’s going into that space.
A survey previously released by CNBC disclosed that crypto interest is strongly dependent on age as 83 percent of millennial millionaires have invested in digital assets. Another poll by Ipsos discloses that one-fourth of Americans aged from 18 to 34 years are more likely to make purchases with crypto next year. Only 6 percent of those over 50 years admitted to doing the same.
The rise of crypto adoption has forced authorities to formulate a regulatory framework to guide the industry. Since last year, the Financial Conduct Authority has taken strict measures against unlicensed crypto firms in a bid to protect the growing investors. In addition, the UK government made an effort to educate people on the risk involved.
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