Nearly one in five adults in the UK own cryptocurrency, with almost half, 45%, buying it for the first time in the last year.
That's according to research by cryptocurrency platform Gemini, which was founded in 2014 by Cameron and Tyler Winklevoss.
The report suggests that cryptocurrency adoption has accelerated during the pandemic and shows that UK crypto ownership levels are similar to other European countries, such as Germany and Ireland.
Of those who do not own any cryptocurrency in the UK, 49% said they would like to learn more or buy it in the next year, with the majority (55%) being women.
the 2022 State of the World Cryptocurrency Reportwhich surveyed 29,293 adults worldwide, of whom 2,300 lived in the UK, found that the average cryptocurrency investor was 36 years old.
London had the most cryptocurrency ownership at 23%, followed by the North West at 12% and South and East Anglia at 11%.
The most popular reason for investing in cryptocurrencies, cited by 80% of respondents, was for long-term gains compared to 40% who trade for profit.
Over half (52%) of UK crypto investors think crypto is a good way to diversify their portfolios. The most common cryptocurrencies are Bitcoin (69%) and Ethereum (33%).
However, only 20% of UK respondents see crypto as the future of money, compared to 66% in Brazil.
โThe past year was transformative for cryptocurrency ownership, with significant growth in adoption in the UK. A high proportion of UK investors view crypto as a long-term store of value, suggesting that more people are recognizing the role of crypto in a diversified investment portfolio,โ said Blair Halliday, UK Director in Gemini.
As general interest in cryptocurrencies has grown, so has regulatory oversight. last week the Financial Conduct Authority extends the deadline for 12 cryptocurrency companies to register their operations in the UK or cease operations.
