Like much of the rest of the world, the UK has seen gradually rising interest in cryptocurrency of late. A few years ago, it was still looked upon by many as an obscure technological gimmick, or a fleetingly popular internet token system. Now, however, cryptocurrency is more established as an asset class that has staying power and can impact society in multiple ways.
Part of the expanding interest in cryptocurrency comes from the simple fact that it’s become more useful. A growing number of businesses, both in person and online, are accepting cryptocurrency in exchange for goods and services. And for that matter, there are now debit cards that allow people to use cryptocurrency (indirectly) to make payments just about anywhere. All in all, it’s simply become more feasible to conduct real-world transactions with digital currencies.
Beyond the potential to make payments with cryptocurrency, we’re also seeing occasional stories in the UK about crypto-related businesses finding success. In some cases this means the creation of entire new cryptocurrencies (which aren’t necessarily businesses in all cases). In others though, crypto-related startups are succeeding. As an example, we highlighted a crypto mining machine business late in 2018 that had turned a £1,000 starting fund into £840,000 in the span of a single year! The more stories we see like this one, the more ordinary and valuable cryptocurrency is going to seem.
What this all appears to be leading to most of all though is a greater focus on investment. Generally, people need to take an asset seriously in order to feel comfortable investing in it. Thus, as cryptocurrency gains a more prominent place in British society, it’s only reasonable to expect that more people might explore the idea of investing in it. At the same time, it just so happens that crypto investing is becoming a more interesting and accessible concept unto itself also.
In part, this is because we’ve actually seen the emergence of new methods of cryptocurrency investment. The standard option is quite simple, and involves the purchasing of cryptocurrency to hold over a period of time, with the intent to sell it when it has gained value. However, people can now invest in cryptocurrency futures as an alternative, and in the UK there is also the option to trade crypto CFDs. The latter option appeals to many who are relatively new to crypto, in that it allows for trading cryptocurrency without an exchange or wallet — both of which can be complicated for newcomers. Crypto CFD trading also brings leverage into the equation, allowing traders to make investment decisions with more value than that of the money they actually buy in with.
In addition to new and exciting ways to invest in cryptocurrency though, the UK is also being exposed to more platforms that enable investment practices — which brings us to the latest news on this front. Just recently, we learned that a popular crypto exchange would be launching a new trading platform in the UK. In fact, it’s said to be coming this summer.
This is significant in part because of the existing clout of this particular exchange. However, the coming trading platform is also going to be particularly relevant in that it will offer industry and retail investment specifically with pounds and euros (whereas a lot of exchanges are easier to work with using either other cryptocurrencies or the dollar). It’s said that the exchange will also be regulated by the UK Financial Conduct Authority (giving prospective new investors a sense of security), and that up to 65 digital assets may be available for trading upon the platform’s arrival.
This will not be the first crypto investment platform in the UK by any means. There are already alternative options, including some that offer some of the alternative methods of investment discussed above. Purely as news though, this new exchange will help cryptocurrency to become even more relevant in the UK.