Bitcoin has undoubtedly proved its worth and staying power in the world of cryptocurrency, as its popularity in the United Kingdom continues to grow even further. According to an analysis by BitcoinCasinos.com, Bitcoin is now recognized by a whopping 74% of online respondents in the UK. This is an impressive figure, more than twice that of the second-placed Ethereum, which has a brand awareness rate of 33%.
Dogecoin remains in the third place when it comes to crypto recognition in the UK, with a rate of 32%. Binance Coin and Litecoin come in close fourth and fifth place, respectively.
According to BitcoinCasinos’ betting expert, Edith Reads,” The recognition of Bitcoin in the United Kingdom has grown exponentially over the past few years, and it’s quite amazing to see that the number of people who know what Bitcoin is has doubled since just last year. With plans for a ‘digital pound’ currently being considered by the government, there is no doubt that this trend will continue in the coming years.”
Why Bitcoin Is Growing in Popularity in the UK
Bitcoin has seen a surge in interest since its price briefly dipped below 15,500 U.S. dollars on November 21, 2022, due to the collapse of the crypto platform FTX.
It is also likely that UK citizens are becoming more familiar with cryptocurrency due to the increasing number of digital assets being offered by major banks. This is part of a trend across Europe, as more countries are embracing blockchain technology and cryptocurrencies.
Digital Pound
The UK government is currently exploring the potential of a ‘digital pound’ as part of their plans to become a world crypto hub. The proposed currency, for use by households and businesses, would sit alongside cash and bank deposits rather than replace them.
It is predicted that the introduction of this digital pound could prove beneficial to both individuals and businesses alike, as it could potentially offer an alternative to cash or bank deposits and increase the adoption of cryptocurrencies amongst UK citizens.
The Treasury and Bank of England are currently evaluating the digital pound as part of a public consultation that seeks to gain feedback on the design and implementation of the system. It is not yet known when this digital pound will be officially released, but it is clear that the UK government is committed to exploring the potential of a digital currency.
