TL; DR Breakdown
- UK survey shows consumers and businesses like cryptos
- Effective regulations will improve adoption
- Digital assets will go mainstream in under a decade
Crypto adoption in the UK could switch to mainstream gear within a decade. That’s according to the findings of a recent survey conducted by Bitstamp Crypto Pulse. The survey targeted customers and firms or businesses like banks, hedge funds, brokerage firms, and even pension funds based in the UK.
The statistics
In the survey, Bitstamp interviewed 250 firms. Out of these, about 70% said they have optimistic opinions regarding crypto products. Also, around 67% of them said they would encourage people to invest in these new digital assets.
Besides engaging businesses, Bitstamp also sought to get the customers’ side of the story. About 1,000 consumers were involved in the survey, of which 40% were very open to using cryptos to pay for their online shopping. This indicates a growing positive sentiment among the UK public.
Crypto regulations to boost adoption
For those expressing uncertainties, their issue lay mostly with the security setup in the industry. There have been some reported scams and hacks that have led to investors losing their assets and money. These incidents may be playing a part in holding people off the crypto bandwagon and possibly preventing the industry from going mainstream.
However, there’s a solution to this problem. Most people feel that they would be more receptive to cryptocurrencies if there were adequate regulatory frameworks to protect their funds. Institutional investors have been flocking into the industry even before the authorities started formulating regulatory policies. Countries like El Salvador have already adopted Bitcoin as a legal tender. Even some governments are considering going the same route or creating their national digital currencies. Just recently, the UK government announced such plans.
“The question is now about evolution”
From a critical point of view, it’s hard to miss the fact that digital currencies have fought hard to get where they are today in terms of both acceptance and adoption. Before the authorities finally softened their stance on them, Bitcoin and others spent years in the cold, bearing the brunt of government push-backs and all manner of hostile reactions to stop them. Instead, the industry has expanded exponentially over the last decade.
According to the CEO of Bitstamp, Julian Sawyer, these digital assets have sprung from outside the financial ecosystem right into the center, and they’re now leading the investment sector with some of the largest and most popular trading platforms. The numerous crypto exchanges currently in existence are a clear demonstration of that fact. Swayer believes that digital assets have gathered enough strength to survive over time, and they’re now in the era of evolution.
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