TL:DR Breakdown:
- British investors have developed more interest in holding Bitcoin, following the growing price of the crypto.
- Sterling to Bitcoin trading has increased by 38 times, compared to the record last year.
Since the past year, interest in Bitcoin (BTC) among British investors has increased notably, as the price of the leading digital currency grows. According to market data from Kraken, San Francisco-based crypto exchange, the investors are trading the Pound Sterling (GBP) for Bitcoin about 38 times more than they did in the past year. An executive at Coinbase Europe, once said that the crypto activities in the UK are driving the current evolution in the crypto space.
It’s safe to mention that the interest in the cryptocurrency among the British investors surged as Bitcoin gained more value, adoption, and awareness. For instance, there were fewer investors trading the British pounds for Bitcoin when it soared to the previous high back in December 2017. Reportedly, the market was driven by investors in Asian countries. However, as the year proceeded, the British have gradually picked interest.
British investors are attracted to Bitcoin
As per Kraken, the investors are increasingly (38 times) exchanging the British pounds to bitcoin compared to the past year. More so, the trading volume increased eight times more than it was in the past three years. Marcus Hughes from Coinbase opined that the growing interest for the cryptocurrency stems from its recent adoption by institutions and corporations like MicroStrategy, which has more than 40,000 BTC in their balance sheets.
A September publication by Chainalysis showed that the United Kingdom (UK) ranked as the fifth-largest country in crypto adoption. From July last year to June 2020, individuals and businesses in the country transacted over $9.5 billion.
