Luno: Brits are ready for Bitcoin, but trust issues remain

Crypto wallet venture, Luno, has launched a Bitcoin Barometer which shows that an estimated 15.8 million UK residents either currently own or are open to owning cryptocurrencies in the future.

They came to this figure after surveying over 2,000 Brits. Four in five had heard of cryptocurrencies, 23% of those surveyed are currently looking to find out more, while 28% believed that Bitcoin et al would become a mainstream currency in the future.

Trust issues

A fifth said they would be shopping, both in-store and online, using cryptocurrency in the future. Trust, however, is still a major concern, with 43% not having purchased any Bitcoin for this reason and 55% believing cryptocurrencies need to be regulated like traditional currencies.

Maya Kumar, Head of the UK and Ireland, Luno, comments: “Our survey showed that 36% had not purchased cryptocurrencies because they didn’t understand the concept. There are public misunderstandings around cryptocurrencies that lead to this lack of trust. We believe by making cryptocurrencies easier to understand through education and offering a user-friendly, safe platform, more people across the globe can trust, benefit from and upgrade to a better financial system.”

The word on Wall Street

Brits might be coming around to this brave new world, but Wall Street is iffy on Bitcoin at best despite the recent high profile launch of regulated exchange, Bakkt, by NYSE owner Intercontinental Exchange.

When asked recently by Yahoo! Finance if Bakkt showed Wall Street was serious about crypto, Alan Valdes, a senior partner at international advisory firm Silverbear Capital and NYSE trader, said: “I don’t know, I think it’s a stretch. I did see that, but Bitcoin is very iffy right now. How do you protect your Bitcoin? If someone hacks into these wallets, it’s like losing cash, you are out.”

“So, I think Bitcoin has a long way to go for the average person to get involved. Maybe in some emerging markets you’ll see it take hold where that currency could be a little stronger, it might work. But I think here for trade, we hit $20,000 with Bitcoin. Will it get there again? Anything is possible. But I’m not so sure,” he concluded.