Brits choose crypto over traditional banking

Research by cryptocurrency exchange Coinbase has found that many Brits are increasingly identifying crypto as a preferential alternative to traditional financial systems.

Marcus Hughes, the managing director of Coinbase Europe explained the research was vital for informing future business moves by the exchange, and noted the uptick in support for crypto-related banking services.

“The future of cryptocurrencies is directly linked to their utility and we are therefore hugely encouraged by these findings,” he said.

“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.”

Using independent research firm Qualtrics, Coinbase conducted a survey of more than 2,000 British adults who have some familiarity with digital currencies in order to gain a deeper understanding of their attitudes towards current and future engagement with cryptocurrency.

Surprising results

Far from the accusation of being a volatile get-rich-quick scheme, 41% of British crypto users say they’re investing with the intention of long-term and stable returns –  a break from the narrative that crypto traders play high-risk games for short-term returns.

With inflation surging across the western world, many are looking to cryptocurrencies to protect their savings, with digital assets such as Bitcoin (BTC) acting as an inflation hedge that potentially outperforms all traditional assets such as gold and traditional savings accounts.

It is, therefore, understandable that 51% of survey respondents suggested they would be willing to take out a fiat loan such as a mortgage using their crypto assets savings as a guarantee.

And with crypto payments becoming the premier choice for those sending remittances, British crypto users are waking up to the potential with 39% suggesting they would use crypto as a first choice option for sending payments to family and friends.

The survey results show that mass adoption could well be on the horizon, and that Satoshi’s dream of an inclusive financial system could soon be a true reality, suggests Hughes.

“We are honoured to be at the forefront of this shift to an all-inclusive, global financial system,” he added.

“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.”

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