8:05 AM ▪
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A survey published by the Coinbase Institute and JL Partners has just shaken certainties about the financial culture of young Britons. According to this study shared with Cointelegraph, 80% of 16-25 year olds in the UK consider crypto-assets as their first entry point into the world of finance.
In short
- 80% of UK 16-25 year olds consider cryptocurrency as their first financial product.
- 65% accept Bitcoin, the most popular financial product in the UK under 25s ahead of all ISAs.
- About 50% would have more faith in a political party controlling blockchain and cryptocurrencies.
- 1.3 million new potential pro-crypto voters if the UK voting age is lowered to 16.
- About 2/3 of young people are calling for government financial education about cryptocurrencies.
Why have cryptocurrencies dethroned traditional savings among young Brits?
The picture is clear. 65% of people under 25 agree bitcoin as a financial product. For many, this crypto asset represents more than any other savings or investment vehicle in the UK. In comparison, only 43% identify a stocks and shares ISA and barely 20% a Help to Buy ISA.
According to the report, these are mainly “first crypto, second TradFiIn other words, cryptocurrency has become the gateway to financial culture for an entire generation. Young Brits prefer to buy digital assets before opening a bank account. Before they know government savings products, they know what a crypto wallet or exchange is.
Tom Duff Gordon, Vice President of International Policy at Coinbase, states:
The UK will have about 1.3 million new voters if the government lowers the voting age to 16.
The reform that is currently being discussed! According to him, the trend has changed. The fact is, today’s voters have grown up with cryptocurrencies. They will see political attitudes towards digital assets as signals of trustworthiness or incompetence.
How is cryptocurrency becoming a major political issue in the UK?
Survey data turns cryptocurrencies into an election issue. Almost one in two young people say they would trust a political party more if it demonstrated a understanding of blockchain and cryptocurrencies. 26% would even go so far as to vote for a party that supports policies for crypto innovation.
The division is even clearer according to political sensitivity. 58% of Reform voters and 46% of Labor voters place more trust in parties that embrace new technologies, including cryptocurrencies. That’s not all! About two-thirds of young people want the government to provide them financial education about cryptocurrencies in schools.
Alun Cairns, a former government minister and vice-chair of the Blockchain All-Party Parliamentary Group, puts it bluntly:
A new generation is arriving with fundamentally different expectations about money, technology and opportunity.
According to him, parties that do not follow this demographic change will pay for it.
However, the British government is going in the opposite direction on one particular point. It is being considered moratorium on political donations in cryptocurrencies. A paradoxical decision that Tom Duff Gordon questions by reminding that the blockchain offers perfect traceability of transactions, much better than traditional cash.
The FCA (Financial Conduct Authority) already regulates crypto businesses through the AML/CTF framework. According to him, it would be enough to require that cryptocurrency donations go through registered companies.
Anyway, the Coinbase Institute study says it in no uncertain terms: cryptocurrencies are no longer a niche subject in the UK. It has become a generational reality. If this trend is confirmed across Europe, French lawmakers would do well to learn from it.
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My name is Ariela and I am 31 years old. I have been working in the field of web development for 7 years. I only discovered trading and cryptocurrencies a few years ago, but it’s a universe I’m very interested in. The topics on the platform allow me to learn more. As a singer in my spare time, I also have a great passion for music and reading (and animals!)
DISCLAIMER OF LIABILITY
The views, thoughts and opinions expressed in this article are solely those of the author and should not be taken as investment advice. Before making any investment decision, do your own research.
