Vast majority of the City thinks crypto will go mainstream within a decade
According to a new survey, nearly 90% of UK financial institutions predict cryptocurrencies will become mainstream in less than a decade.
According to the first Bitstamp Crypto Pulse poll, which examines trust in and acceptance of cryptocurrencies around the world, UK businesses are the most optimistic about the future of bitcoin in Europe.
Around 70% of the 250 UK organizations polled stated they presently trust cryptocurrency products, which included banks, hedge funds, pension fund managers, and brokerage firms. 67 percent actively advise their clients to invest in them.
“In the last few years, cryptocurrencies have moved from the margins of the financial ecosystem to find themselves front and center of mainstream investing, with many of the world’s major trading venues now catering to both retail and institutional crypto demands,” Bitstamp CEO Julian Sawyer said.
In recent years, larger corporations such as Paypal, Twitter, and Tesla have attempted to get a footing in cryptocurrencies, either by accepting them or investing in them. It implies that it is no longer a niche market for specialized investors.
Prices for prominent cryptocurrencies such as Bitcoin and Ethereum reached new highs in November before plummeting in recent weeks due to growing inflation, geopolitical problems, and a shift in US monetary policy.
“Talking about the survival of digital assets is definitely over — the debate today is about evolution,” Sawyer added.
Bitstamp questioned over 1,000 UK customers in addition to financial organisations. It was shown that more than 40% of people would use cryptocurrencies to buy groceries and everyday products, as well as shop online.
However, nearly half of non-investors cited a lack of knowledge as their primary reason for not doing so.
Regulation was also a major worry among respondents in the United Kingdom. More than a third of those who aren’t investing now cite the industry’s risk and volatility, while almost the same amount believe there isn’t enough regulation.