Regulators in Great Britain are working to figure out how to oversee cryptocurrency at a time when the nation is working to pull out of the European Union. Can crypto be regulated in such a way that the market thrives while investors are protected?
Even as some predict it could be at least two years, maybe, until crypto is regulated, a significant percentage of Britons expect it to become mainstream someday. A YouGov survey released this week finds 21 percent of those polled think cryptocurrency will one day will be as common as credit cards or cold, hard cash when they make payments.
Awareness of bitcoin (BTC) is high in Great Britain, the survey found, with 93 percent of respondents saying they have heard of bitcoin.
But awareness and understanding are two different things, and only 4 percent said they understand cryptocurrency “very well.” Despite that awareness, few Britons – only 4 percent – have actually purchased bitcoin. About 23 percent say they understand it “fairly” well; of that percentage, 33 percent are men and 12 percent of women.
As other studies have found, when it comes to enthusiasm millennials are big bitcoin buyers, particularly young men. The YouGov study found 6 percent of men say they’ve bought crypto, compared with only 1 percent of women. Nine percent of 18 to 24 year olds have been owners, versus only 1 percent of those aged 55 and above.
This survey did not detail how many people were polled or where they are located. However, a poll of more than 2,000 people in the greater U.K. investor community earlier this year found a significant number do not understand cryptocurrencies (38 percent) but are buying them anyway.