One in Three Britons Now Own Cryptocurrency We recently published an article describing how British interest in cryptocurrencies has dropped by 82% this year. We also mentioned, however, that there was a positive turnaround in all the data: “(The data shows) cryptocurrency ownership and general awareness continuing to rise is testament to the fact that despite the horrendous price action and recent falling in interest, cryptocurrency continues to move further into the mainstream.” This week’s article delves a little further into this long-term growth – based on data from a study by VoucherCodes.co.uk. Fortunately, it’s a little more positive than the previous one.
Table of Contents
More than a third of Britons own cryptocurrencies
34% of Brits now own cryptocurrencies, a stat that really surprises me. This, perhaps more than any other, shows how far cryptocurrency has entrenched itself in financial markets. Undoubtedly, what contributed to this was the effect of the pandemic, when millions were locked in their homes with their hobbies, with socialization and commutes cancelled. With that came an abundance of free time, and with the money printer on and asset prices skyrocketing, the public flocked to cryptocurrencies. Another big boost is the ease with which people can now invest. Coinbase is now a publicly listed cryptocurrency exchange, something that would have been amazing to have predicted not so long ago. But there are also countless other ways Britons can get their cryptocurrencies. Apps like Revolut, eToro and the like have made buying Bitcoin with the flick of a finger easier than ever before.
gender division
One of the unfortunate things about cryptocurrency is the absolute dominance of men in space. This study reaches 41% of UK men who own cryptocurrencies, compared to 27% of women. Honestly, that’s a lot higher than I would have predicted, and the 27% figure is way north of some other studies. I reported on a study earlier this year on gender discrimination in different countries. This study found that 35% of cryptocurrency investors worldwide are women, which is, overall, stronger than the 26% seen across the entire global investment universe. That study had UK investors as 35% female – less than France, which led the way for developed countries with 45% female. Interestingly, it also found that developing countries are much more gender balanced, with Israel, Indonesia and Nigeria still containing more female cryptocurrency investors than males. This is possibly due to the fact that there are less diverse options for women to seek financial independence in the developing world.
Cryptocurrency market still has room to grow
While a considerable proportion of the country is spending on cryptocurrencies, the majority (66%) have yet to invest. Going even further, 48% know next to nothing about cryptocurrencies. That sounds like a disappointing statistic, but to me it shows just how big the potential market is. Cryptocurrency has undeniably become popular in recent years, but with half the population still not knowing anything about it, there is a lot more market share to capture.
Conclusion
Overall, it has obviously been a disastrous year for cryptocurrencies. But statistics like 34% of Britons who own cryptocurrencies show just how far it has come. While the gender gap has yet to be closed and nearly half of the population knows nothing about what cryptocurrency is – and the prices on the ground – there is still a positive reading here when compared to a few years ago.
Sources
VoucherCodes.co.uk
