Zumo, the B2B digital assets infrastructure, has published new findings showing that cryptocurrency and digital assets are not just an off-meta, hype train anymore. In fact, 25 per cent of all adults believe it is important for economic growth to strengthen the UK as a digital assets hub.
The Zumo research, conducted by Focaldata, found that this figure rose 42 per cent of 18-24 year olds, and 41 per cent of 25-34 year olds, with 44 per cent of all Londoners believing there was a need for greater digital asset standing.
With the General Election fast approaching in the UK, 34 per cent of both 18-24 and 25-34 year-olds think the growth of the crypto industry should be front of mind for the country’s politicians. Interestingly, the sentiment for greater digital asset and crypto adoption follows the recent consultation by the Bank of England and the Financial Conduct Authority (FCA).
The consultation was on a Digital Securities Sandbox, which aims to facilitate the use of digital assets in financial markets.
Some progress has been made as in May 2024, the first UK crypto exchange-traded products (ETPs) listed on the London Stock Exchange (LSE).
Zumo and public opinion research company Focaldata’s poll of more than 3,000 UK adults also showed 38 per cent of 18-24 year-olds have invested in cryptocurrencies themselves. Meanwhile, 40 per cent (and 37 per cent of 25-34 year-olds) know friends and family who hold crypto. A similar proportion (39 per cent) of 18-24 year-olds (and 37 per cent of 25-34 year-olds) see the nascent sector as a pathway to higher long-term returns on their investments.
Where do we go from here?
However, a third (32 per cent) of both 18-24 and 25-34 year-olds say they are now concerned about the sector’s future prospects, given a number of crypto-friendly MPs have confirmed they are standing down at the election.
Nick Jones, founder and CEO, Zumo said: “As crypto moves mainstream, it’s clear from our findings that the nation’s young adults are keen for it also to move up the political agenda.”
“Given the widespread recent turmoil in the traditional financial system, the UK should be championing alternative financial solutions, not panicking and likening them to gambling – as we’ve seen in recent press coverage. A resilient future financial system should look to incorporate new ideas and structures that provide added value for consumers.”
“Moving forward, we’re keen to see the government and the regulators working in step with the industry to implement an appropriate regulatory framework that will help the digital assets sector reach its full potential as a growth driver for the UK economy.”
