The Bitcoin market is a trillion-dollar market today. The meteoric rise in the Bitcoin value in the last few years and its gradual acceptance and incorporation into the global economy proves that this currency is here to stay. The decentralized blockchain system that is the foundation of all Bitcoin transactions enables peer-to-peer transfer of assets without the intervention of a central regulatory institution. Also, online crypto exchanges, crypto trading apps, and brokerages have simplified the process of owning and trading Bitcoin. Myths Regarding Cryptocurrency is one such app that has helped hundreds of crypto traders make informed decisions about their investments.
Though Bitcoin is not country-specific and its processes and applications are globally uniform, some countries have adopted Bitcoin faster than others. Here we shall review the level of acceptance of Bitcoin in the US and the UK. Every year, there is a new kind of stimulus, that can either increase the level of inflation or reduce it. the price and the value of Bitcoin also depends on one of these stimuli, and you have to get a fair idea about the ups and downs in the market.
Bitcoin and the U.S
According to a New York Digital Investment Group survey, nearly 89% of Americans are aware of the term, cryptocurrency. In 2021, there were around 106 million cryptocurrency users globally of which 46 million users were Americans.Almost 22% of the adult American population owns Bitcoin. 51% of the Bitcoin users had started Bitcoin trading and investment only a year ago. An interesting observation made in the survey is that 29% of millennial parents own Bitcoins.
Acceptance of Bitcoin in the business sector in the U.S
In the U.S, several large business conglomerates have initiated the process of incorporating Bitcoin into their financial portfolio. Some of them are:
- Whole Foods
- Home Depot
The latest business house to accept Bitcoin in the U.S is the luxury brand Gucci.
According to asurvey by Hartford Steam Boiler, nearly 36% of small to medium-sized businesses accept Bitcoin in exchange for goods and services. In both USA and UK, and also in many other South-Asian countries, it is seen how publicly traded ventures and companies also purchase Bitcoin and show a well-integrated level of confidence in its overall usage.
Acceptance of Bitcoins by U.S banks
Besides businesses, several banks also have started accepting cryptocurrency. They are:
- Ally Bank
- Chime Bank
- Goldman Sachs
- Simple Bank
Not all banks, however, allow the usage of cryptocurrency. It is even banned by some banks such as Bank of America, Capital One, CitiBank, and Wells Fargo among others.
Bitcoin and the U.K
Unlike the U.S, the number of Bitcoin users in the U.K is much lower than the global average of 15.5%. Only 6.1% of Britishers use cryptocurrency according to March 2022 reports. In 2018, 3% of the U.K population owned Bitcoin. So, there has been an increase of more than 100% since then. However, 71% of the population shows no inclination toward buying any cryptocurrency ever. Another deterring factor for people in the U.K to do transactions in Bitcoin is that according to Financial Conduct Authority if anything goes wrong during a financial transaction with Bitcoin, you cannot approach the Financial Ombudsman Service or the Financial Services Compensation Scheme for any kind of compensation.
As the popularity and acceptance of Bitcoin continue to exceed expectations, an increasing number of retailers in the U.K are accepting cryptocurrency as a mode of payment, both directly or through a third-party app. A few such retailers are:
- Phillip Plein: It also earned the distinction of becoming the first fashion house in the world to accept digital currency as a payment option.
- Whole Foods
Every day every moment, new Bitcoins are purchased and created, and there is a growing demand of Bitcoin both in the USA and the UK market. So, before you invest, you need to be very careful about the market trends and how to deal with the surging demands of this digital currency. Governments, banks, businesses, and people all across the globe have realized the potential of Bitcoin in the future as a currency to reckon with.