United Kingdom | 2022

Cryptocurrency adoption in the United Kingdom in 2022



of British own cryptocurrency

How many cryptocurrencies owners are in the United kingdom?

It is estimated that 4.2 million people, 6.2% of the United Kingdom’s total population, currently own cryptocurrency.¹

British cryptocurrencies ownership demographics

Breaking down cryptocurrency ownership by income, ownership levels are higher among the wealthy. 40% of the surveyed Britons who own cryptocurrency have income over £200,000, and 18% of them with income ranging from £100,000 to £200,000.

Graph showing the percentage of digital currencies owners per income ranges in the United Kingdom
Graph showing the percentages of people owning digital currencies per age ranges

Majority of the United Kingdom’s cryptocurrency owners are in the 18-34 age group (56%). Only 4.6% of them are 55 and above. This suggests that cryptocurrencies are largely owned by younger Britons.

UK cryptocurrency owners are likely to be highly educated, with 46% holding a bachelor’s degree or higher.

Graph showing the percentage of people owning digital currencies per education level

Main findings

Graph showing the increase in digital currencies awareness in the UK between 2020 and 2021

From the survey conducted, we see 74% of UK adults have heard of cryptocurrencies in 2021. We see a rise of 3 percentage points, compared to 71% from 2020. This suggests a growing awareness among Britons regarding cryptocurrency.

We see 6.2% of UK adults currently hold cryptocurrency, or approximately 4.2m people in 2021. By comparison, our data shows that cryptocurrencies ownership in the UK has risen rapidly from 4.95% in 2020.

Bitcoin remains the popular choice for cryptocurrencies owners in the United Kingdom, with more than 62% of cryptocurrencies owner respondents possessing Bitcoin. Ethereum follows closely in second place with the cryptocurrencies’ wide application cases, followed by Ripple (XRP), Tether (USDT) and other Altcoins.

People are increasingly seeing cryptocurrency as a safe asset and alternative to national currencies, with more than 63% of UK cryptocurrencies owners having more than £1,000 in cryptocurrencies assets. A significant proportion of owners (19%) also hold more than £10,000 in cryptocurrency.

Cryptocurrency purchase attitudes

The number of UK cryptocurrencies owners using cryptocurrencies for purchases are also seeing rapid growth, with 2021 marking an exponential increase of 10 percentage points (y-o-y growth) in purchases made using cryptocurrency.

More than 52% of UK cryptocurrencies owners using cryptocurrencies for spending.

Almost 60% of UK cryptocurrencies spenders are spending more than £100 of cryptocurrencies for purchases monthly, with a sizeable crowd (26%) being large spenders of more than £1,000 monthly

Survey results show that cryptocurrency payment services are eagerly anticipated across the retail industry. Respondents showed interest in all the major categories ranging from Entertainment, E-commerce and Luxury Retail, etc.

Future Outlook

Cryptocurrency is gaining the attention it deserves. 2021 was the year that cryptocurrency was in the spotlight as major institutions, celebrities and public figures all jumped on the cryptocurrencies bandwagon. Bitcoin and other cryptocurrencies also broke through all-time highs.

More than a third of UK survey respondents (38%) are seeking to increase their holdings of cryptocurrency over the next year.

Majority of non-digital-currencies respondents (70%) cited a lack of knowledge for not owning cryptocurrency, presenting strong potential for increasing cryptocurrency adoption with proper channelized education and awareness.

Additionally, greater adoption of cryptocurrency payment options across merchants can also have a network effect on more rapid adoption of cryptocurrency in the populace, given that 24.9% of respondents cited not owning cryptocurrency as their current merchants do not accept it.

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