93% Of Brits May Have Heard Of Bitcoin, But Only 4% Own BTC
In spite of the crypto market’s dismal performance in 2018, a post-mortem report from YouGov, an international market data analytics corporation, has revealed that upwards of 93% of Brits have heard the good name of Bitcoin (BTC), even though it has been just 10 years since Satoshi Nakamoto released the network’s original whitepaper.
However, in YouGov’s post-mortem of the survey, it was also revealed that only 4% of study respondents explained that they understand Bitcoin “very well,” likely alluding to the long-standing knowledge/technological expertise barrier of entry that this industry faces. Still, another 23% noted that they understand the technology “fairly well,” with Britain millennial males being the most dominant demographic to express their crypto knowledge as such.
Regardless, while 27% of surveyees understand Bitcoin in some capacity, per YouGov’s points of data, only 4% the pool had “gone out and bought the currency.” Interestingly, reflecting the statistics regarding crypto knowledge, 9% of 18 to 24 year-olds had bought the digital asset, while only 1% of seniors had reportedly purchased BTC.
Although these figures may sound dismal, a jaw-dropping 21% of Brits claimed that eventually, cryptocurrencies will be used as commonly as banknotes or debit/credit cards. And, surprisingly, a near-equal proportion of woman and men (19% and 22% respectively) believe that crypto will eventually rise to prominence, contrary to the gender gap in BTC ownership.
Regardless, these stats could potentially be alluding to the sentiment that crypto assets in their current state aren’t ready for mass adoption, or that this industry is years, if not decades away from succeeding on a substantial scale.
Still, 34% of YouGov’s surveyees noted that they remain undecided on the future of this ground-breaking asset class. Keeping this in mind, cryptocurrencies could have big shoes to fill, even though traditionalists, such as former FED chair Janet Yellen and J.P Morgan’s Jamie Dimon, are against this nascent technology and respective asset class.
The United Kingdom’s Precarious Crypto Regulatory Environment
YouGov’s survey and subsequent report, which wasn’t as bearish as it may initially seem, comes amid discussion regarding the regulatory future of crypto assets in the U.K.
As reported by Ethereum World News in late-October, a report from The Telegraph, a local news outlet, indicates that some regulators have recently-created plans to entice the Financial Conduct Authority (FCA) to “crack down on illegal activity in the crypto industry.”
This news comes hot on the heels of a surprising FCA public statement, in which the governmental agency revealed that it would be enacting a number of regulatory measures that pertain to the crypto industry. These measures include issuing a “perimeter” guideline on the status of crypto assets, consultations to determine how crypto-based derivatives should be regulated, and implementing measures against money laundering enabled by decentralized technologies.
Title Image Courtesy of Luca Micheli on Unsplash
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Author: Nick Chong