In the United Kingdom, a survey has revealed that over 33% of young Britons consider cryptocurrency a significant electoral issue before the impending General Election.
The investigation was conducted in conjunction with Focaldata by Zumo. It was discovered that 34% of individuals between the ages of 18 and 24 and 25 and 34 believe that politicians in the United Kingdom should prioritize the development of the crypto industry.
The survey of more than 3,000 UK adults revealed that a substantial number of respondents believe that the United Kingdom should prioritize the development of a digital asset hub. Young individuals (18-34) are most susceptible to this sentiment.
It also demonstrated that 38% of 18-24 year-olds have directly invested in crypto, and 39% regard it as a potential source of long-term financial gain.
Many young adults (40% of 18-24 year-olds and 37% of 25-34 year-olds) have acquaintances or family members invested in cryptocurrencies, further reflecting this interest.
Despite the enthusiasm, some young adults (32% of both 18-24 and 25-34-year-olds) have expressed concerns about the future of cryptocurrencies in the UK.
Zumo CEO Nick Jones stated, “Our findings demonstrate that the nation’s young adults are eager for crypto to ascend the political agenda as it becomes more prevalent.”
“We are enthusiastic about the prospect of the government and regulators collaborating with the industry to establish a suitable regulatory framework that will enable the digital assets sector to realize its full potential as a growth engine for the UK economy.”
UK FCA Approves First Crypto ETPs, Lifts Market’s Standing
The UK financial regulators’ recent initiative to establish a sandbox, or a secure testing ground, for digital securities trading is consistent with the concerns of confident young adults. This initiative, intended to keep pace with technological advancements, enables companies to experiment with actual customers in a controlled environment.
The Financial Conduct Authority (FCA) approved the first crypto exchange-traded products (ETPs) for trading on the London Stock Exchange just before that. This sanction reduces the disparity between the United Kingdom and other financial powerhouses competing for dominance in the digital asset sector.
Biden’s Regulatory Approach Spurs Crypto Sector’s Apparent Pivot to Trump
The 2024 US elections are anticipated to be a critical juncture for the political impact of the crypto industry, similar to the UK.
Geopolitical tensions, inflation concerns, and dangers to the US dollar have all contributed to Bitcoin’s growing prominence, according to a Grayscale survey. Additionally, the survey disclosed that 47% of US voters incorporate cryptocurrency into their investment strategies.
In contrast to the Biden administration’s more assertive regulatory approach, the cryptocurrency sector increasingly aligns with former President Trump, who has expressed optimistic views about crypto.