UK Study: Every Fifth Adult Would Buy Crypto, 1 in 10 Small Businesses Accept Crypto

A survey of over 1,000 adults in the UK has revealed that one in five who have never owned cryptocurrency would consider buying cryptocurrencies within the next three years.

Communications agency Citigate Dewe Rogerson surveyed adults in the UK and came up with some rather interesting numbers, with the reasons cited behind the figures echoing prevailing sentiments in the market.

Individuals and businesses

Despite the growing popularity of cryptocurrency and its presence in the mainstream media, the general public appears to be skeptical for reasons of volatility, security and lack of knowledge.

From those who won’t be considering to buy or invest, it was found that 67% believed it was too risky or volatile, 43% had concerns regarding regulations and 61% thought they didn’t know enough. Citigate Dewe Rogerson also found in other research that out of 30 financial professionals, nearly a quarter of them were expecting further regulations on the horizon, and they weren’t far off.

BitcoinNews recently reported that the UK Financial Conduct Authority (FCA) was working with the UK Treasury to put together a discussion paper surrounding regulations on cryptocurrencies. The paper, which is due to be revealed in 2019, will focus mainly on practices of business, with the desire of bringing new business in from continental Europe.

Small enterprises with bullish views

The UK is becoming quite an optimistic landscape for cryptocurrency-related businesses and payment merchants. A national study by Paymentsense of 504 small and medium-sized (SME) business owners revealed that over a third (35%) were expecting cryptocurrency payments to be in the mainstream and on the high street within two years.

The study also found that 13% already took cryptocurrency payments and 25% were skeptical enough to say it would never make it that far.

Head of marketing at Paymentsense Gur Moreve said: “It’s clear that cryptocurrencies are moving swiftly towards the mainstream. However, small business owners considering cryptocurrency as a payment option should be clear about how they can integrate it with their existing financial arrangements. Will suppliers or staff accept it? Can they pay local and national government agencies with it?”

He added, “Also, the value of unregulated cryptocurrency changes fast. This has significant implications for an SME’s revenue security. Using a trusted payment processor or merchant service provider can help guard against this by allowing a swift currency exchange, and improve security processes.”

Should the FCA be able to shed further light on how to regulate and tax digital currencies, businesses and members of the public in the UK should begin to swing in favor of cryptocurrencies.

 

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