"(The data reveals) ownership of crypto and general awareness stays on the rise is testament to the fact that, despite the horrible price action and recent dropoff in attention, crypto continues to move more into the mainstream," said the author of the study.
Using information gleaned from a survey conducted by VoucherCodes.co.uk, the article for this week delves a little deeper into that long-term growth. It's definitely an improvement from what came before, thank goodness.
Over a third of people in the UK have some form of cryptocurrency.
The fact that 34% of people in the UK currently have cryptocurrency blows my mind as a statistic.
This possibly more than any other indicator demonstrates how deeply embedded cryptocurrency trading has become throughout the world's financial markets.
The influence of the epidemic, in which millions of people were forced to stay indoors because their normal activities, including socializing and commuting, were canceled, unquestionably played a role in this phenomenon. Along with this came an abundance of idle time, and with the money printer turned on and asset prices rocketing upwards, the general people began flooding into the cryptocurrency market.
The fact that it is now more simpler for individuals to make investments is also a significant factor. Coinbase is now a publicly listed cryptocurrency exchange, which is something that not too long ago would have been impossible to imagine happening.
However, there are also a huge variety of alternative ways that people in the UK might acquire cryptocurrency. Apps such as Revolut and eToro, along with many others like them, have made it possible to purchase Bitcoin with only the tap of a finger.
Gender breakdown
The sheer preponderance of men in the cryptocurrency realm is one of the unfavorable aspects of the crypto industry.
According to this report, 41% of males in the UK possess cryptocurrency, whilst only 27% of females do so. To tell you the truth, this is a lot higher than I would have expected, and the 27% figure is far higher than the average seen in other studies.
In the beginning of this year, I wrote a report on a study that compared gender ratios in a variety of countries. According to this research, 35% of crypto investors around the world are women. This percentage is significantly higher than the 26% recorded across the entire global investment universe.
According to that report, there are 35% female investors in the United Kingdom, putting it behind France, which leads the way for wealthy nations with 45% female investors.
It was also discovered that developing countries had a significantly more gender-balanced crypto investor population, with Israel, Indonesia, and Nigeria having even more female crypto investors than males. This was an interesting finding. This may be owing to the fact that women in poor countries have fewer opportunities to pursue careers that will allow them to be financially independent.
The cryptocurrency market has plenty of space for expansion.
Even while a sizeable fraction of the population is putting money into cryptocurrencies, the majority of the country, or 66% of it, has not yet invested.
Even further, 48% of the population has a very basic understanding of crypto. Although it may appear to be a discouraging number, this data actually demonstrates how much larger the market's potential is.
In the past few years, cryptocurrency has clearly made its way into the mainstream; nevertheless, considering that around half of the public still knows nothing about it, there remains a significant amount of further market share to acquire.
Conclusion
In general, it has been a terrible year for cryptocurrencies like bitcoin and ethereum.
But the fact that 34% of Brits now hold cryptocurrency demonstrates how far it has come in recent years. In spite of the fact that there is still work to be done to narrow the gender gap, nearly half of the population has no idea what cryptocurrency is, and prices are plummeting, there is still some cause for optimism when looking at these statistics in comparison to where they were a few years ago.
