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According to the Coinbase report, a third of all Britons have now used crypto

Crypto adoption in the UK continues to grow, with reports that 33% of the country’s consumers have previously invested in such assets. The figure is up 4% over six months and is second in Europe behind the Netherlands’ whopping 47% statistic.

The statistic was derived from semi-annual analysis conducted by Qualtrics on behalf of cryptocurrency exchange Coinbase. It turned out that 61% of Britons already have cryptocurrency plan to increase their positions within a year, up from 54% in October 2021.

Of this group, about two-thirds plan to increase their position in the cryptocurrency they already hold, versus just 23% looking to expand into new assets.

This is perhaps a reflection of the “tribalism” in the crypto space noted by Ripple‘s CEO last month. For example, many bitcoiners prefer to stick exclusively to bitcoin, viewing other coins as fundamentally different or invaluable.

Currently, Bitcoin and Ethereum are still the most owned cryptocurrencies, owned by 75% and 52% of holders, respectively. Interestingly enough Dogecoin third place (34%) ahead of Binance Coin (33%), although it is currently only the 12th largest crypto behind market capitalization is. This likely reflects Dogecoin’s prominence, which Grayscale is second only to Bitcoin.

Other European countries reported fewer crypto investments overall, with the UK ahead of Spain (26%), Italy (25%), Germany (24%) and France (17%) in ownership numbers.

“Recent survey work suggests the adoption trend may continue, with many sharing ambitions to expand the size and diversification of their portfolios,” a Coinbase spokesperson said, according to CoinTelegraph.

Measuring consumer understanding

Coinbase also measured consumers’ perceived understanding of various crypto assets. About 11% of respondents said they had a good understanding of cryptocurrencies beyond bitcoin – a strikingly similar number to those who thought they understood traditional assets (13%).

In fact, it’s possible that understanding of crypto isn’t lacking, it’s simply generational. Billionaire hedge fund manager Paul Tudor Jones said so in a recent interview, where he said he has been into crypto “for a very long time” due to the “intellectual capital” pouring into the industry from colleges today.

According to a CNBC poll last year, most millennial millionaires are already invested in cryptocurrencies. An Ipsos poll earlier this week also revealed a significant age gap among Americans who prefer to use crypto for payments.

Source: Crypto News Deutsch

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