New research conducted in the UK on behalf of Coinbase has found that Britons increasingly see cryptocurrencies as a viable and reliable alternative to traditional financial systems.
Independent research firm Qualtrics surveyed more than 2,000 UK adults who said they were familiar with digital currencies on behalf of Coinbase, out of an initial random sample of 5,000 people, and the results reveal a growing interest in these new assets.
For example, for 41% of respondents, the main motivation behind investing in cryptocurrencies would be to hold them for the long term or to achieve stable returns.
39% were keen to use cryptocurrencies to send or receive money to or from abroad, and as many as 51% were interested in taking out loans using cryptocurrencies as collateral.
Traditionally, cryptocurrencies have always been seen primarily as speculative investments, particularly for trading, but in recent years other use cases are also emerging, such as the ability to earn returns in cryptocurrencies through staking or borrowing on DeFi platforms.
In addition, crypto in the UK is also increasingly seen as a tool for quick and cheap cross-border transfers.
Coinbase: the potential of cryptocurrencies in the UK
According to Coinbase, this data shows a growing potential for cryptocurrencies, in particular “to transcend the current global financial system and traverse borders”, allowing people to be more in touch with their assets, and promote financial inclusion.
Coinbase’s managing director for Europe, Marcus Hughes, commented:
“The future of cryptocurrencies is directly linked to their utility and we are therefore hugely encouraged by these findings. We can see that the attitudes of British consumers towards cryptocurrency have transformed significantly in the last few years, with many now considering adopting cryptocurrency as an alternative method to execute traditional banking functions including transactions and loans.
At Coinbase, our mission is to create greater access to the cryptoeconomy through a user-friendly experience that customers can trust. We are honoured to be at the forefront of this shift to an all-inclusive, global financial system. 1.3m people in the UK adult population remain unbanked and we believe cryptocurrency removes barriers for users to access capital in a safe and secure manner”.