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Haider Jamal

Jun 25, 2024

Crypto Remains A Critical Point Of Discussion For UK Youth

Ahead of the upcoming General Election, findings indicate that over one-third of young adults in the United Kingdom view crypto as a significant electoral concern. The survey, conducted by Zumo in collaboration with Focaldata, shows that 34% of individuals aged 18-24 and 25-34 believe UK politicians should prioritize the growth of the crypto industry.

The research, encompassing more than 3,000 UK adults, reveals widespread support for positioning the UK as a hub for digital assets, particularly among younger demographics (18-34 years old). Furthermore, 38% of 18-24 year-olds have invested in crypto directly, with 39% considering it a viable source of long-term financial benefit. Many young adults (40% of 18-24 year-olds and 37% of 25-34 year-olds) also have close contacts involved in cryptocurrency investments.

 

Lingering Concerns

Despite the aforementioned enthusiasm, concerns persist among some young adults (32% in both age groups) about the future regulatory landscape for cryptocurrencies in the UK. Nick Jones, CEO of Zumo, emphasized that as crypto gains mainstream acceptance, young adults across the nation want it to become a higher priority on the political agenda.

Looking ahead, Jones urged governmental collaboration with industry stakeholders to establish a regulatory framework conducive to the growth of the digital assets sector and its potential as an economic driver for the UK.

The caution expressed by some young adults aligns with recent moves by UK financial regulators, including the establishment of a sandbox for digital securities trading. This initiative aims to support technological advancements while providing a controlled environment for experimentation with real customers.

 

A Global Issue

The approval of the first crypto exchange-traded products (ETPs) by the Financial Conduct Authority (FCA) for trading on the London Stock Exchange reflects a growing sentiment by the UK to enhance its standing in the global digital asset market.

Interestingly, similar dynamics are unfolding in the United States ahead of the 2024 elections. Recent surveys indicate growing investor interest in Bitcoin amid geopolitical tensions and economic uncertainties, with significant implications for US electoral dynamics. Former President Donald Trump has adopted a favorable stance on crypto which is in stark contrast to the Biden administration and their stringent regulatory approach.

 

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