As noted in a blog post by Paxful, sentiments include recent notions about the country’s traditional banking platforms, financial reactions to Brexit, and the COVID-19 pandemic. The survey results highlight the “general feeling” the British public has towards virtual currencies.
There were 1000 adults that were surveyed. The participants included males (44%) and females (55%), who were all between the ages of 18-56.
As noted by the Paxful team:
“Britain’s economy is currently in a shaky situation; with Brexit talks at height of the COVID-19 pandemic and furlough scheme costing the government a tremendous £14bn a month, it is only natural the public would show concerns with the central banking system and its reliability.”
Paxful’s survey aims to provide insight into how virtual currencies might represent a potentially viable future asset option or alternative for UK residents amid the socioeconomic uncertainty created due to the Coronavirus crisis.
Last year, the Financial Conduct Authority (FCA) had noted that nearly three-fourths (73%) of UK consumers “did not know what cryptocurrency was.” The FCA had also revealed that the survey found that merely 3% of the respondents had “ever bought cryptocurrencies.”
Meanwhile, Paxful’s survey indicates that 20% of adults in the UK currently own crypto-assets. This indicates that there’s been a 17% year-over-year (YOY) increase in crypto purchases made by UK residents, “marking a major shift in both the learning curve and the desire of the British people to participate in the digital asset revolution,” Paxful claims.
The P2P exchange further noted:
“As of March 2018, the British pound plunged to its lowest level against the US dollar in 35 years, a reflection of the UK’s economic instability post Brexit.”
The company’s survey shows that during this time, approximately 14% of UK adults surveyed had “invested in digital currency.”
The Paxful team also mentioned:
“Sterling continued to suffer during COVID-19 urging more Brits to rethink digital assets. Paxful indicates that 10% of UK adults surveyed invested in crypto as a safe haven following Brexit and COVID-19 events. Over 51% of adults have curious and/or neutral sentiments about cryptocurrency while 23% feel positive and 8% feel very positive, implying a promising future for crypto adoption in the UK.”
Ray Youssef, CEO, and co-founder of Paxful, noted:
“Being in the UK right now, I must say London has the most vibrant crypto community and the deepest Fintech talent pool – a hotbed of innovation from every possible angle. With the amount of talent and tech-savvy people here, I am confident a steep rise in crypto adoption and use is imminent, and the UK is ready for it.”
Paxful’s survey also revealed:
“42% of adults (surveyed by Paxful with assistance from OnePoll) do not trust the UK banking system to work in the interest of society. 49% of adults surveyed do not believe the UK banks faced severe enough penalties for their part in the 2008 financial crisis and 31% of adults believe UK banks are playing a similar role in the current recession.”
Paxful claims that it should now be clear that a significant number of UK residents are losing trust in their traditional banking system, especially during these unprecedented times. According to the P2P Bitcoin exchange, 23% of UK residents are now open to the idea of buying cryptocurrencies “if widespread use was possible and 20% are willing to use cryptocurrency if it was integrated into real-life everyday technology such as smartphone applications, instead of using traditional banking apps.”