Unreleased data reportedly collated as part of Gemini’s 2024 Global State of Crypto Report shows that UK crypto-assets holders remained “undeterred” by market pressures, with 93% of current crypto owners at least “somewhat” likely to buy crypto within the next year.
However, UK respondents continued to voice their concern about the UK’s need for a “clear” regulatory framework for digital assets, with 49% stating that clearer government regulation would foster trust.
The release of this data coincides with the launch of Gemini’s global home advertising campaign centred around the tagline, “Go Where Pounds Won’t,” which features a series of billboards from Dune artist Matt Griffin that showcase what a digital economy “fueled by crypto could look like.”
With the crypto winter of 2022 in the rearview mirror, digital asset investors in the UK have “remained resilient.”
The percentage of UK consumers who own crypto held “steady at 18% in 2024, the same percentage as two years ago.”
In addition to this, crypto sell-offs have been comparatively low in the UK this year, as just “15% of previous owners who sold their crypto did so in the past six months – a lower percentage than in the US, France, and Turkey.”
UK crypto owners showed commitment to the asset class, with 59% of them comfortable allocating “at least 5% of their investment portfolios to crypto – 2% higher than the global average.”
This signals growing confidence in digital currencies as “part of a diversified portfolio.”
To illustrate the confidence in digital assets, a number of past crypto owners in the UK appear “ready to re-enter the market.”
Among those surveyed, 78% of former holders said they were “at least somewhat likely to purchase crypto again within the next year, slightly higher than the global average.”
The EU has introduced the Market in Crypto Assets Regulation (MiCAR), which is describe as a “harmonized” framework across member states for the treatment of crypto-assets.
Although this brings clarity to digital asset regulation in the EU, the United Kingdom is behind the curve in terms of “passing their own comprehensive regulation.”
Despite UK users showing their commitment to the asset class in recent years, additional data released from the 2024 Global State of Crypto report shows that 38% of UK consumers who “don’t currently hold crypto cited regulatory uncertainty as a barrier to buying crypto, up slightly from 34% in 2022.”
Notably, 21% of past UK owners said there should be “more government regulation of the space.”
This highlights the need for the UK to implement a “clear” regulatory framework and provide “greater clarity” to consumers and industry players alike.
Gemini has welcomed the passing of the UK’s Financial Promotions regime and updated AML/CTF guidelines by the FCA over the past year, aligning strongly with their belief in the “importance of regulation to support growth within the crypto asset sector.”
Other findings from the report are as follows:
The majority of UK respondents recognize crypto for its long-term value: 64% of UK users said they view “crypto as a long-term investment, and 45% see it as a profit-generating tool.”
A key hurdle for adoption is the knowledge gap: Just 14% of Britons claimed to have a “good understanding of crypto, while 69% were unaware or only slightly aware of crypto exchange-traded products (ETPs).”
There is still a “gender disparity” in UK crypto ownership: The share of female crypto owners has dropped “by 5% since 2022, with men now representing 70% of the market.”
Gillian Lynch, CEO of UK & Europe at Gemini, said that it’s great to see positive signs of adoption and growth in the UK market, one of the European countries that they’ve strategically selected to “target growth and investment over the next year. With the recent bull market, the findings highlight opportunities for industry players such as Gemini to win back past crypto owners, onboard new ones and target women.”
The 2024 Global State of Crypto report was compiled based on data from a survey conducted by Data Driven Consulting Group from May-June 2024.
The respondents were from the US, UK, France, Singapore, and Turkey.
Gemini’s brand campaign launched in London this past week, and is said to be the first of a series of activations planned for European and US cities.
The creative direction, “Go Where Pounds Won’t,” symbolizes their vision for how crypto will be used over the next 100 years and more, “emphasizing exploration, growth, and the limitless potential of crypto, with their eyes set on a significant European expansion over the next 12 months.”
Designed by multimedia artist Matt Griffin, known for his work on Dune and Star Wars, the images are said to portray a future humanity with crypto at its core, welcoming Gemini clients to become key players in this new frontier of financial innovation.
To mark the occasion, Gemini launched MarsSafariCo.com, showcasing designs from the campaign through a “fictitious” travel agency in the future.
