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The UK is seeing a much faster increase in growth than all the other major nations as far as crypto is concerned.
The UK has said that it wants to become a major global cryptocurrency technology hub, and first announced this back in April of 2022, so there is probably nothing particularly surprising about the UK outstripping the growth of other top crypto nations so far this year.
UK grows the fastest
According to Altindex.com, and first reported on by the Cyprus-based Financial Mirror, the crypto sector in the UK “grossed $1.9 billion this year”, which is a “137% year-over-year growth from $800 million in 2022”. This figure is expected to rise to “$3.77 billion by 2027.”
More than a quarter of the UK’s population now use or hold cryptocurrencies, and more than 200 businesses accept payments in crypto. Now the largest crypto economy in Europe, on the face of it, the UK looks to be fast-tracking crypto, perhaps as a potential avenue of revenue after Brexit.
Positive growth but hefty pushback
All this positive crypto growth is good to see in the UK. However, with a traditional banking empire heavily invested in the fiat monetary system, it will be very interesting to see how the government deals with what may well be some extremely hefty pushback from the likes of the Bank of England and other interested financial parties.
The UK regulatory watchdog, the Financial Conduct Authority (FCA) is already presiding over a very strict compliance structure, and on the first day of the new crypto compliance regime it issued no less than 146 alerts to the public, warning of illegal promotions.
Interest in crypto is bound to grow further
In its essence, crypto may be seen as private money by those invested in the traditional financial system, and as such, it would be competition to a pound that has already suffered massive debasement.
With the UK economy faring worse than most in Europe, the government will be under added pressure to print far more currency into existence, thereby debasing the pound and causing citizens’ money to be worth less and less.
In this sort of environment people are going to want to put their money into hard assets. Bitcoin is obviously going to be one of the major attractions, given its store of value tag. Moreover, there is bound to be interest in the broader crypto market as well, as some digital assets here have been going up far more than inflation, and beyond anything banks or other financial companies can offer.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.