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Just Two Percent of Brits Own Bitcoin and Want to Buy More: New Survey

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  • Alex Dovbnya
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    The overwhelming majority of UK citizens do not want to touch Bitcoin

Just Two Percent of Brits Own Bitcoin and Want to Buy More: New Survey
Cover image via www.123rf.com
Contents

According to a new Crypto Radar survey, only two percent of British Bitcoin owners want to buy more BTC, which just goes to prove how nascent this asset class is. More than 20 percent of Britons have never heard about the top crypto. 

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Steering clear of Bitcoin

The overwhelming majority of the 2,500 UK citizens that were surveyed as part of this study (67.5 percent) do not own Bitcoin and do not want to touch it. Notably, this percentage skyrocketed to 77.9 percent when only men over 65 were taken into account.  

UK-based crypto investors
image by Crypto Radar 

Meanwhile, the majority of those Brits who do hold some BTC are not planning to purchase more. It's quite possible that a good chunk of these investors was burned by the great crypto crash that took place at the beginning of January 2018. 

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Willing to take a risk

6.8 percent do want to buy BTC while not owning any. The percentage ends up in the double-digit territory (11.6 percent) when only millennial men are included.   

"Regardless of its enormous volatility, Bitcoin is a very attractive asset class for those investors, especially younger investors, who are willing to ride the volatility to tremendous gains," stated Amine Rahal, CEO of Crypto Radar.

More financially conservative demographics choose to steer clear of risky assets such as Bitcoin due to uncertainty surrounding the Brexit negotiations.

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Moving across the pond

As reported by U.Today, Bitcoin is also not considered to be an attractive investment by the lion's share of Americans. They are pretty much on the same page with Brits considering that only 2.7 own of the surveyed US citizens own Bitcoin and want to buy more while 21.8 percent have never heard about it.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Crypto Expert Says Bitcoin and Ethereum Are 'Formidable' Collateral Economies

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    Holding Bitcoin as a collateral is the next big use case for the top cryptocurrency

Crypto Expert Says Bitcoin and Ethereum Are 'Formidable' Collateral Economies
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Contents

According to cryptocurrency influencer Chris Burniske, both Bitcoin and Ethereum already represent formidable collateral economies.

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Moving beyond a medium of exchange

In his earlier tweet, Burniske also predicts that holding Bitcoin as a collateral could eclipse its medium of exchange (MoE) use case.  

He even goes as far as claiming that Bitcoin could morph into an off-chain collateral for the world. 

Burniske states that Ethereum has already created a burgeoning collateral economy around it. Apart from extending its utility beyond a pure MoE, this could also drastically decrease the coin's volatility because of all DeFi use cases.   

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The next big thing in crypto

As reported by U.Today, Genesis Capital, a subsidiary of Digital Currency Group (DCG) that rules the roost in the cryptocurrency lending sector, had a record-breaking third quarter with a whopping $870 mln in new originations. 

In Q3, Bitcoin remained the best collateral for crypto with fiat money and altcoins breathing down its neck. The share of USD loans increased by 25 percent quarter-over-quarter.

However, a group of Wall Street traders made a dire warning about crypto lending, claiming that the breakneck speed of its growth could result in another crypto bubble. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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