Following on from an excerpt we wrote about the rise of crypto within the UK, it will delve a little deeper into what British cities have the most crypto, and what varies across the country.
The average Brit crypto investor made £473 . have spent
Overall, one in three Britons across the country own crypto, according to a Vouchercodes survey.
The average amount spent on crypto is £473. It’s hardly a life-changing amount, but for some, the expense is quite high.
5% of Brits have spent over £2,000 on crypto. Obviously, the market has been bad this year. FTX’s recent collapse is the latest hammer blow for an industry that has struggled throughout the year.
This means that a large proportion of these British investors are likely to be in the red, with crypto prices crashing since bitcoin neared $69,000 in November 2021.
London Leading Crypto City, Belfast Second
London leads the way with an average spend of £777.
It should come as no surprise that London, being the financial center of the UK – if not the center of Europe at large – tops the ranks.
The cost of £777 is clear from the average of £473. Perhaps more notable is Belfast in second place, the Northern Irish city coming in at an average cost of £699 – not far from London.
Completing the top three is the Welsh city of Cardiff, which pays an average of £572 on crypto.
Newcastle spends the least on crypto
At the other end of the scale is Newcastle, with an average investment of £230, the lowest in the survey.
The northern city (which has the world’s biggest football team, this completely unbiased journalist says) spends 50% less than the UK average, and 70% less than Londoners.
With prices going up, it looks like Geordie’s made the right call. Other cities that spend below average are Liverpool, Brighton, Leicester and Sheffield.