Recent market data has revealed that the cryptocurrency market in England has started to experience rapid growth. Here are some of the most insightful metrics from the market report by Qualtrics:
- 33% of British citizens now own crypto assets.
- The market has risen by 4% between 2021 and 2022.
- 61% of current cryptocurrency holders intend to purchase more crypto assets within the next year.
However, some industry experts have called into question the accuracy of Qualtrics’ report. Danny Scott, CEO of UK crypto exchange CoinCorner, hypothesized that Qualtrics’ sample size was small, and probably skewed toward cryptocurrency owners. He believes that the UK cryptocurrency market is actually smaller than suggested by Qualtrics’ market data.
Contrary to what Qualtrics’ report says, market data from other sources shows that the UK cryptocurrency market is actually far smaller. Research by Statista for example suggests that the percentage of the UK population that owns cryptocurrency is in fact only 7%, far below the 33% claimed by Qualtrics.
Major Players in the UK Cryptocurrency Market
One thing that Qualtrics and Statista do seem to agree on is that Bitcoin is steadily leading the cryptomarket in the UK, with Ethereum not too far behind. 52% of cryptocurrency holders currently hold Ethereum, while 33-34% holds Doge Coin and Binance Coin respectively.
The Future of the UK Cryptocurrency Market
CoinCorner and other major exchanges in the UK now want to push the frontier of what cryptocurrency is capable of. CEO Danny Scott recently spoke about “actual real-world, everyday use case, rather than focus on customers who want to speculate on hundreds of different cryptocurrencies that don’t offer anything of real world use.”
Whether or not the UK will succeed in enabling cryptocurrency for ‘real world, everyday use’ still remains to be seen.
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