Opinion by: Uldis Tēraudkalns, chief revenue officer at Paybis.
About 7 million people in the United Kingdom own cryptocurrencies — up from 5 million— amid a notable shift toward sustainable and pragmatic use cases. If the adoption rate grows, the British digital assets industry will onboard millions of new users in the coming years, sparking demand for simplified money flow between the crypto and fiat economies.
As cryptocurrency goes mainstream in the UK, British businesses must introduce crypto solutions for their customers; otherwise, they risk falling behind in the competition.
From gambling to strategy
Recent Financial Conduct Authority (FCA) research demonstrates how quickly the British have embraced digital currencies. 12% of adults in the UK own crypto, which translates to roughly 7 million users — compared to 10% (5 million) in 2022.
The mean value of crypto holdings increased from 1,595 British pounds to 1,842 pounds ($2,334). The proportion of investors keeping a more significant stake also surged: 19% of the study participants reported holdings between 5,001 and 10,000 pounds in crypto, compared to just 6% two years ago.
These numbers appear in most news articles covering the FCA’s research. There are, however, many more interesting facts if you explore this 89-page report. For example, the reasoning behind buying cryptocurrencies has changed. Gambling was the leading reason back in 2021–2022, but it gave up first place to crypto as part of a broader investment portfolio. Notably, gambling must have brought millions of users to crypto who have remained in the market for other reasons — digital asset ownership increased from 4% to 10% between 2021 and 2022.
The shift to investment purposes indicates a more sustainable and strategic approach to cryptocurrencies among the British, who increasingly see it as an asset class with long-term value. Stablecoin ownership data supports this notion: 18% of respondents own Tether’s USDt (USDT) compared to 6% just three years ago, which balances portfolios and expands the range of use cases for people in the UK.
Last, but not least, the share of…
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