Despite the meteoric rise in value of cryptocurrencies and a growing public awareness, many people are still cautious about entering this new financial market. Nevertheless, Coinbase has found that Brits increasingly identify crypto as an alternative to traditional systems – which they find less trustworthy following recent scandals involving Wells Fargo and Equifax.
The company’s research is crucial for informing future business moves by the exchange; Marcus Hughes (managing director at Coinbase Europe) explained “the future of cryptocurrency is linked directly with its utility”, noting how increased support for related banking services show promise among Britons looking beyond our own borders into what could be their next currency or method used to make purchases abroad without incurring hefty foreign transaction fees.
For years, the British public has been on pins and needles when it comes to cryptocurrency. Fearful that a single slip-up could lead them into debt or jail time for fraudulently executed transactions. Now they’re turning their fear of crypto’s unknowns around, diving in headfirst with open arms!
The survey by Coinbase on British adults who have some familiarity with digital currencies revealed 41% of them are investing for long-term stable profits, breaking the narrative that crypto traders play high-risk games.
The market for cryptocurrencies is one of the most volatile in recent history, with many looking to it as an inflation hedge that outperforms traditional assets like gold and savings accounts. In this light, only 51% would be willing to take out a mortgage using cryptocurrency as collateral against their loan- something not even millennials are comfortable doing!
Their survey findings suggest that mass adoption of cryptocurrency is on the horizon, and Satoshi’s dream for an inclusive financial system could soon become a reality.
Their recent survey suggests that crypto payments are quickly becoming more popular with remittance senders in Britain (39% said they would use it as their first choice), which means we may not be too far away from seeing widespread acceptance by merchants worldwide.