- One in four small UK businesses use cryptocurrency to support their growth.
- More than half of small firms have accepted or currently accept cryptocurrency as payment.
- Larger small businesses report higher confidence in using digital currencies than smaller ones.
- Thirty percent of small business owners prefer cryptocurrencies for investing spare funds.
- Many business owners cited a lack of knowledge and unclear regulations as major concerns.
Small businesses in the United Kingdom are turning to cryptocurrencies to manage rising costs and address changes in international trade. New research from VistaPrint finds that about 25% of small firms have used digital currencies like Bitcoin to drive growth.
The research shows that this figure rises to over 60% among companies with 10 to 49 employees. In these businesses, owners say the core reason to accept crypto is to give customers more payment options. Nearly half of all small firms report that they have either started or are currently processing cryptocurrency transactions. Around one-third say using digital currencies has helped speed up cross-border payments.
Confidence in using cryptocurrencies appears to be linked to the size of the business. According to the data, 70% of owners with 10 to 49 employees say they feel comfortable using digital money, compared to only 39% of smaller operations. The research also reveals that more than a third of small business owners have invested extra cash in cryptocurrency instead of more traditional options like stocks or bonds. While the stock market remains popular, 30% say they now prefer cryptocurrencies for investments, and this figure rises to 57% among the larger small businesses surveyed.
Future use of cryptocurrencies is expected to grow. About half of all small business owners say they plan to use digital currencies within the next two years. When asked to look ahead five years, the number rises to 67%.
Uncertainty remains a challenge. Thirty-eight percent of business owners report low confidence due to a lack of understanding of cryptocurrencies. Concerns about market volatility and unclear government rules are also common. Over half say they would like the government to provide better information, and nearly half would welcome more support or incentives to help make the transition.
Sabine Levellier, Vice President of Marketing at VistaPrint, stated: “Technology has been transforming the way we do businesses for years, and it shows no signs of slowing anytime soon. While they may not be the right choice for all small businesses, some feel that cryptocurrencies offer a way to help streamline payments, reduce transaction costs and reach more customers by unlocking new opportunities for growth and build confidence to invest in their businesses and increase revenues.”
The UK government plans to implement new crypto reporting requirements by 2026. More details are available on the official announcement: UK to enforce new crypto reporting rules by 2026. In addition, industry events on blockchain technology are taking place in Amsterdam, California, and London. Interested readers can find event information at Blockchain Expo.
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