Retail investors in UK spent over £30 billion on cryptocurrency

Despite the fact that cryptocurrency values remain volatile

Recent data shows that British residents are increasingly investing in the crypto industry. 

Brits, in particular, have spent over £31.795 billion ($34.7 billion) in cryptocurrencies so far. According to the survey titled 'Cryptocurrency on the High Street,' each Brit spent an estimated £473 on cryptocurrencies.

The amount spent on digital assets was calculated by multiplying the amount spent on cryptocurrencies by the region's most recent population figures from the World Bank.

According to the findings, around 34% of the British population holds different kinds of cryptocurrencies. An analysis of various cryptocurrencies indicates that Bitcoin (BTC) is the most popular, accounting for 20% of the total, followed by Ethereum (ETH) at 8%, and Dogecoin (DOGE) at 6%.

However, there is still a gender gap in crypto ownership, with 41% of males holding digital assets and spending an average of £767. Similarly, there is an imbalance in digital asset spending, with just 27% of women investing in their crypto wallet, with an average of £214.

Use of crypto in payments 

Furthermore, there is an increase in the utilization of cryptocurrencies in the purchase of essential commodities using cryptocurrencies. The retail incorporation of digital assets in payments is also increasing.

Interestingly, apparel accounts for 13% of the total, the same as residences, while holidays account for 11%.

At the same time, the researchers noted that the scarcity of retailers willing to accept cryptocurrency payments is a significant impediment.

However, it is evident that more effort has to be done for Brits to reap the full benefits of technology. While data shows that some individuals are starting to buy commodities with their digital currency. For widespread acceptance to materialize, more stores must accept cryptocurrency, according to Dr. Garrick Hileman, a crypto expert.

Crypto understanding

Elsewhere, the study also revealed disparities in understanding how cryptocurrencies function, with 11% of Brits claiming to be extremely aware of the sector and 19% claiming to have a basic understanding.

The study also stated that future interest in spending on cryptocurrencies is likely to expand, with the average person planning to invest around £593. Notably, the younger generation sees cryptocurrency as the way of the future.

Despite growing cryptocurrency usage in the United Kingdom, the region faces regulatory uncertainties. However, authorities in the country are working to make the region a worldwide crypto center through the implementation of the right regulations.