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Vast majority of the City thinks crypto will go mainstream within a decade

·2-min read
 (AFP via Getty Images)
(AFP via Getty Images)

Almost 90% of UK financial institutions believe cryptocurrencies will reach mainstream adoption in less than a decade, a new survey has found.

That makes UK businesses the most confident in the future of cryptocurrency in Europe, according to the first Bitstamp Crypto Pulse survey, which analyses trust in and adoption of cryptocurrency around the world.

Around 70% of the 250 UK companies surveyed, which included banks, hedge funds, pension fund managers and brokerage firms, said they currently trust cryptocurrency products. 67% actively recommend investing in them to their clients.

CEO of Bitstamp Julian Sawyer said: “In the last few years, cryptocurrencies have moved from the outskirts of the financial ecosystem to find themselves front and centre of mainstream investing, with many of the largest trading venues in the world now catering to both retail and institutional crypto needs.”

Larger companies, including Paypal, Twitter and Tesla have sought to gain a foothold in cryptocurrencies in recent years, either by accepting them or investing in them. It suggests that it is no longer the preserve of specialist investors.

Prices for popular cryptocurrencies including Bitcoin and Ethereum spiked to record highs in November, before dropping back steeply over the last few weeks on the back of rising inflation, geopolitical crises, and change in US monetary policy.

Sawyer said: “Talking about survival of digital assets is firmly over — the question is now about evolution.”

As well as financial institutions, Bitstamp also polled more than 1,000 UK consumers. It found more than 40% would purchase their groceries and everyday items, as well as shopping online, using cryptocurrencies.

But almost half of non-investors said their top reason for not investing was not knowing enough about it.

Regulation was also a key concern among UK respondents. More than a third of those not currently investing cited the risk and volatility in the industry while almost the same number felt there was not enough regulation.

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