60% of Britons Wouldn’t Support Bank of England-Backed Cryptocurrency, Survey Shows

Francisco Memoria
  • Most Britons wouldn't support the Bank of England, the country's central bank, introducing its own cryptocurrency linked to the pound.
  • Most believe bitcoin will either lose value in the next six months, or become completly worthless.

According to a survey conducted by UK-based market research company D-CYFOR, most Britons wouldn’t support a cryptocurrency backed by the Bank of England, the country's central bank, even if it were linked to the British pound.

Per the survey’s findings, as many as 93 percent of Britons have heard of bitcoin – a 2 percent increase over the results the same company had in January this year. Regarding bitcoin’s future, 32 percent believe the cryptocurrency will decrease in value in the next six months, while 29 percent see it collapse and become worthless.

Commenting on the findings, D-CYFOR wrote:

“This remains unchanged from January's 2018 figures while continuing to represent a sizeable increase on November's 2017 figures when only 47% of the public said that Bitcoin would decrease in value or collapse entirely over the next six months.”

D-CYFOR

Surprisingly, 56 percent of respondents revealed they wouldn’t invest in cryptocurrencies, even if the government regulated the market. On the other hand, 33 percent said they were “more likely” to invest if the market was regulated.

Britons trying to trade cryptocurrencies seemingly find user experience to be a major hiccup, as 24 percent claim bitcoin’s transaction costs were too high, while 10 percent were unhappy the cryptocurrency’s price fluctuated before they managed to see their sell orders get filled.

As a long-term investment, according to D-CYFOR’s findings, the British still believe buying property is better than buying bitcoin. In fact, 2 percent of respondents claimed they feel buying bitcoin is the worst long-term investment anyone can make.

If things don’t look great for bitcoin, they could be worse. Out of those who have already invested in bitcoin or are thinking about it, 50 percent said they wouldn’t consider investing in any other cryptocurrency.

Those who would invest considered Bitcoin Cash, Ripple, Litecoin and Ethereum to be the most important altcoins in the market. As previously covered Mark Carney, the Bank of England governor, has claimed the idea of crypto replacing fiat is “tenuous at best,” and that cryptocurrencies failed as a form of money – an idea Britons may agree with, taking the survey into account.