Coinbase surveyed over 2000 British adults who have some familiarity with digital currencies in order to gain a deeper understanding of their attitudes towards current and future engagement with cryptocurrency.
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The commonest criticism of bitcoin and other cryptocurrencies is that they are a solution without a problem (while also not being great for the planet). The opposing view is that they could underpin a totally new and more ‘democratic’ financial ecosystem.
To do this, however, cryptocurrencies needs to be functional and not just a speculative asset. From loans to payments, people have to use them.
A recent survey of UK adults, however, has thrown up some bullish signs of the potential for this next stage of consumer adoption.
In the research, which was sponsored by crypto exchange Coinbase, 5000 adults were initially gauged on their familiarity with crypto. This was then whittled down to 2000 of those who answered affirmatively, who were asked about their attitudes to crypto adoption.
In there survey 41 per cent of Brits said that their key motivation for investing in crypto was to invest long-term and earn a return.
Over half of respondents (51 per cent) though also said they would be “very interested” in taking out a loan by using crypto holdings as a guarantee, in place of traditional methods.
More than a third meanwhile (39 per cent) of respondents also said they were very likely to use crypto to send money abroad or receive money from outside the UK from friends and family.
Marcus Hughes, Managing Director for Europe at Coinbase says the future of crypto currencies is directly linked to their utility.
“We can see that the attitudes of British consumers towards cryptocurrency have transformed significantly in the last few years, with many now considering adopting cryptocurrency as an alternative method to execute traditional banking functions including transactions and loans,” he said.