Spending on virtual currencies reaches £31.8bn
Despite latest news reports citing plunging crypto prices, Brits have now spent £31.795bn investing in the digital currency.
The Cryptocurrency on the High Street Report by trusted savings site VoucherCodes.co.uk, analyses the UK’s attitudes and spending behaviours towards the virtual currency, revealing Brits have spent on average £473 investing in their digital wallet.
The data proves that the crypto craze continues to grip the nation, as over one third (34%) of the population now own a form of cryptocurrency.
With social media channels boasting an abundance of male crypto influencers, the report reveals over two-fifths (41%) of men in the UK now own crypto, with their average spend standing at £767. There is certainly a gender imbalance amongst consumers purchasing the digital currency, with only 27% of women investing in their crypto wallet, at an average spend of £214 – 258% less than men.
When it comes to how Brits are using their hard-earned crypto coin, many aren’t just trading it to make money. Research shows the nation is now buying essential items and commodities with their cyber cash.
One of the most popular purchases amongst Brits is clothing, with 13% decking themselves out in the latest fashions using their crypto. But it’s not just the everyday items making it to the checkout, the same amount of people (13%) also used money from their digital wallet to buy themselves a property.
Top five most popular crypto purchases
| Rank | Item | Percentage of Brits who have purchased those items (%) |
| =1 | Clothing | 13% |
| =1 | House | 13% |
| 2 | Holiday | 11% |
| =3 | Watch | 10% |
| =3 | Gym membership | 10% |
Despite a clear appetite for crypto in the UK, data suggests some have the wrong end of the stick when it comes to understanding the virtual currency. Nearly a fifth (15%) believe crypto is like their own personal wallet but in the computer cloud, and almost one in 20 (4%) think cryptocurrency is a “woke thing that Gen-Z loves” (4%). A further 5% think it is a new digital language on computers.
Looking ahead to the future crypto landscape, stats show Brits are open to put money behind the virtual currency, as the average person is willing to invest £593. However, when looking at differences in generational attitudes, it’s clear the younger generation are more convinced by the new currency taking the world by storm. The average person over the age of 55 would only be willing to invest a moderate £213, whilst the average 18-24-year-old would be willing to contribute a hefty £1,197, a whopping 462% more.
Commenting on the data, Crypto Expert, Dr Garrick Hileman: “It’s certainly interesting to see the sheer number of people that have now bought into crypto from VoucherCodes’ Cryptocurrency on the High Street Report. It’s no surprise many will want to make use of the technology that offers more secure and cross-border payments, amongst many other things.
“However, for Brits to be able to benefit further from technology it’s clear there is still work to be done. Whilst it’s encouraging to see from the research that some are beginning to purchase commodities with their digital currency, the pool of retailers accepting crypto as a payment method is still small. For widespread adoption to take place we need to see more retailers welcoming crypto.”
Anita Naik, Savings Expert at VoucherCodes.co.uk, commented: “It’s clear from our Cryptocurrency on the High Street Report that many consumers are really embracing the crypto phenomenon. A large number of Brits already own digital currency and feel comfortable using this to purchase both retail and big-ticket items such as a house.
“With some major retailers such as Microsoft, Shopify and Etsy now accepting crypto, high street and online retailers appear to be adapting to consumer needs, but they could be doing more. Amazon came out on top when we asked Brit’s which brand they would most like to see accept crypto as a payment method, showing there is a distinct appetite amongst the public for the currency to be more integrated into everyday life and therefore everyday purchases.
“However, before investing any money it’s important to do your research. Having a robust understanding of how crypto works and the benefits and drawbacks of using it will enable you to gather the necessary tools and information to make a calculated decision.”
