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Crypto awareness in UK is second highest in Europe

A racegoer wears a hat with a large bitcoin symbol on the side during day five of Royal Ascot at Ascot Racecourse. Picture date: Saturday June 19, 2021. (Photo by Steven Paston/PA Images via Getty Images)
A racegoer wears a hat during Royal Ascot with a large bitcoin symbol on the side, as new data shows Brits hold the second highest level of cryptocurrency awareness in Europe. Photo: Steven Paston/PA via Getty (Steven Paston - PA Images via Getty Images)

Brits hold the second highest level of cryptocurrency awareness in Europe, according to new data from crypto platform Coinbase (COIN).

Two thirds (66%) of UK adults are familiar with crypto, in second place behind Spain where 80% of consumers are familiar with digital currencies, according to a survey of 8,000 consumers across Europe, including 1,300 in the UK.

In third place was the Netherlands where 64% of people have cryptocurrency awareness, followed by Germany (60%), Italy (58%) and France (56%).

Digital currencies have become part of mainstream conversation with nearly half (47%), on average, of consumers surveyed across the six largest European economies have at some point spoken to friends or family about cryptocurrency.

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Almost a third (29%) of UK consumers who are familiar with crypto either own, or have owned cryptocurrencies in the past — the highest rate in Europe.

The Netherlands has the second highest rate of crypto ownership, at 38%, followed by Spain, at 46%.

Read more: Most common passwords in the UK and how long it would take to crack them

Gaining a better understanding of crypto leads to consumers becoming more inclined to buy more of it, according to Coinbase. Of those Brits who are invested in cryptocurrency, the majority (54%) plan to increase their holdings in the next year.

The UK has experienced a boom in crypto investing in the past three years — more than half (51%) of those who purchased cryptocurrencies did so in either 2019 or later.

Only 30% of consumers in the UK believe they have a good understanding of cryptos beyond bitcoin (BTC-USD), the world's largest cryptocurrency, despite 57% stating they have a grasp of more traditional assets.

“Our findings highlight a widespread awareness of cryptocurrency across Europe, which is beginning to materialise itself in day-to-day conversations and plans to increase investment in the asset class," said Coinbase.

"This familiarity and interest in the asset demonstrate the industry’s potential to revolutionise the financial system, with its rapidly growing range of new services such as payment and remittance options for consumers.

“It is however undeniable that more education around the digital currency still needs to be done to make this a reality."

Watch: What are the risks of investing in cryptocurrency?