Paxful Survey: More Britons Buy Crypto As The Pandemic And Brexit Take Their Toll

News | November 19, 2020 By:

Peer-to-peer (P2P) bitcoin marketplace Paxful has released the result of a survey, conducted in collaboration with One Poll, on the state of the financial climate in the United Kingdom.

Sentiments include notions about traditional banking systems, financial reactions to Brexit, and the global COVID-19 crisis, highlighting the general feeling the British public has towards digital currencies. 1000 adults were surveyed, both males (44%) and females (55%), between the ages of 18-56.

Britan’s economy faces a less than secure situation as a result of the combination of Brexit talks at height of the COVID-19 pandemic and furlough scheme costing the government a tremendous £14bn a month. Paxful’s survey divulges insight into how digital currencies could represent a viable future asset option for the British people amid economic uncertainty.

Interesting results include:

  • 42% of adults do not trust the UK banking system to work in the interest of society.
  • 49% of adults surveyed do not believe the UK banks faced severe enough penalties for their part in the 2008 financial crisis
  • 31% of adults believe UK banks are playing a similar role in the current recession.
  • Over 51% of adults have curious and/or neutral sentiments about cryptocurrency while 23% feel positive and 8% feel very positive, implying a promising future for crypto adoption in the UK.
  • 14% of UK adults surveyed invested in digital currency during the pandemic.

“Being in the UK right now, I must say London has the most vibrant crypto community and the deepest fintech talent pool – a hotbed of innovation from every possible angle,” said Ray Youssef, CEO, and co-founder of Paxful. “With the amount of talent and tech-savvy people here, I am confident a steep rise in crypto adoption and use is imminent, and the UK is ready for it.”