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UK Young Adults See Crypto As Vital Electoral Concern

Election UK

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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Last updated:

June 24, 2024

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Ahead of the upcoming General Election, a survey has revealed that more than 33% of young adults in the UK consider crypto to be a significant electoral issue.

Zumo conducted the research in collaboration with Focaldata. It found that 34% of individuals aged 18-24 and 25-34 believe that politicians in the UK should prioritize the growth of the crypto industry.

The survey of over 3,000 UK adults found that a significant portion believe the UK should focus on becoming a center for digital assets. This sentiment is strongest among young adults (18-34 year olds).

It also showed that 38% of 18-24 year-olds have directly invested in crypto, and 39% view it as a potential source of long-term financial gain. This interest is further reflected by the fact that many young adults (40% of 18-24 year-olds and 37% of 25-34 year-olds) have friends or family members who are invested in cryptocurrencies.

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.

“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,” said Zumo CEO Nick Jones.

“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.”

UK FCA Approves First Crypto ETPs, Lifts Market’s Standing

The wariness of some young adults aligns with the UK financial regulators’ recent move to create a sandbox, or a safe testing ground, for digital securities trading. This initiative, designed to keep pace with technological advancements, lets companies experiment with real customers in a controlled environment.

Just prior to that, the Financial Conduct Authority (FCA) greenlit the first crypto exchange-traded products (ETPs) for trading on the London Stock Exchange. This approval narrows the gap between the UK and other financial powerhouses vying for dominance in the digital asset space.

Biden’s Regulatory Approach Spurs Crypto Sector’s Apparent Pivot to Trump

Similar to the UK, the 2024 US elections are poised to be a critical juncture for the political impact of the crypto industry.

A Grayscale survey highlighted Bitcoin’s increasing prominence, driven by geopolitical tensions, risks to the US dollar, and concerns over inflation. The survey also revealed that 47% of US voters integrate crypto into their investment strategies.

The cryptocurrency sector appears to be increasingly aligning with former President Trump, who has voiced favorable opinions about crypto, in contrast to the Biden administration’s more assertive regulatory approach.