In 2020, the number of Bitcoin and cryptocurrency users is 1.9 million in the British population. This clear increase in the popularity of digital currencies in the United Kingdom is apparently due in particular to the traditional media.
A sharp increase in British Bitcoin users
In its report published on June 30, 2020, the Financial Conduct Authority (FCA) reveals an increase in the number of holders of cryptocurrencies, and especially Bitcoin (BTC), throughout the United Kingdom. In fact, 1.9 million adults aged 18 and over have cryptocurrencies. This represents 3.86% of the UK population.
These numbers represent a clear increase in the popularity of cryptocurrencies among the British population. Last year, only 3% of the UK population said they had bitcoin or cryptocurrency at some point. But this year, this figure reached 5.35%. Thus, from 1.5 million, the British population currently numbers 2.6 million people who have already owned cryptocurrencies at some point.
This growth is explained by the increase in the number of people who have heard of the existence of cryptocurrencies. Last year, it was estimated that 42% the proportion of the population who are aware of the existence of Bitcoin and cryptocurrencies. However, this year, this proportion rose to 73%.
Also, note that this growth in the number of cryptocurrency holders in the British population is accompanied by an increase in knowledge related to the use of said currencies. The majority of respondents also said they were aware of the risks linked to the volatile nature and the lack of protection associated with the possession of Bitcoin and cryptocurrencies.
Media contributes to the popularity of cryptocurrencies in the UK
This increase in the popularity of cryptocurrencies in the UK would be driven by social networks, blogs and traditional media. In its report, the FCA states that 45% of former and current holders have seen advertisements on digital currencies. 35% of respondents said that advertisements make them more inclined to invest in Bitcoin and cryptocurrencies.
Among the current owners, 27% admit having heard of cryptocurrencies on television and in national newspapers. However, ads that directly encourage action represent only 7% in metrics. The regulatory structure of the British financial sector, for this study, was based on the market research platform YouGov and responses from 2,681 online participants.
According to the FCA study, the cryptocurrencies known by more than 10% of respondents are in order:
- Bitcoin (BTC): 78%
- Libra: 22%
- Bitcoin Cash (BCH): 20%
- Ethereum (ETH): 17%
- Bitcoin SV (BSV): 12%
- And finally Litecoin (LTC): 12%
In light of these results, FCA Director of Strategy and Compliance Sheldon Mills said in a statement: “che FCA report reveals the growing popularity of cryptocurrencies among the UK household population and underscores the importance of our work to better understand this market and how people interact with these assets. “
In the crypto-bath since 2017, both much too late but quite early from the point of view of my future grandchildren ????
Writer, Amateur Trader, Ethereum and NEO-compatible