UK Retail investors have already spent about $35 billion on cryptocurrencies. Research data show that about 34% of the country's population owns various cryptocurrencies. The most popular cryptocurrency, with a share of 20%, is Bitcoin.
The British continue to actively invest in cryptocurrency, despite the ongoing crypto winter. The citizens of the country have already spent about £31.795 billion ($34.7 billion) investing in cryptocurrencies. In particular, the report titled 'Cryptocurrency on the High Street' indicated that each Brit had spent an estimated £473 on cryptocurrencies, according to VoucherCodes via Finbold.
According to the data, about 34% of the British population owns various cryptocurrencies. Bitcoin (BTC) ranks top with a share of 20%, followed by Ethereum (ETH) at 8%, while Dogecoin (DOGE) is third at 6%.
The data also showed that of all cryptocurrency holders, 41% are men, with an average spend of £767. Only 27% of women invest in their crypto wallet, averaging £214.
In addition, there has been an increase in the use of cryptocurrencies in the purchase of essential goods. Paying with cryptocurrencies when buying clothes takes first place at 13%, the same share as houses, while holiday/vacation accounts for 11%. At the same time, the researchers noted that the lack of retailers accepting crypto payments is a major barrier to the wider adoption of cryptocurrencies.
“However, for Brits to be able to benefit further from technology, it’s clear there is still work to be done. Whilst it’s encouraging to see from the research that some are beginning to purchase commodities with their digital currency, the pool of retailers accepting crypto as a payment method is still small. For widespread adoption to take place we need to see more retailers welcoming crypto,” said Dr. Garrick Hileman, a crypto expert.
The researchers also noted that interest in cryptocurrency spending will likely increase in the future, with the average person intending to invest around £593. It is noteworthy that the younger generation considers cryptocurrencies to be the future.
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