Crypto is popular among young Brits — and it’s not just Reform UK voters

Crypto’s popularity among young Britons isn’t as partisan as you might think.

A new survey conducted on behalf of the Coinbase Institute, a crypto lobby group and think tank, found that Labour voters are “notably more positive about cryptocurrencies than the average young person.”

That’s despite crypto having a tendency to be “right-coded,” with Reform UK and Conservative voters leading support for digital assets in the country.

The findings show that 64% of Labour voters aged 16 to 25 said they had heard of cryptocurrencies.

Some 74% said they were familiar with Bitcoin specifically — 3% higher than among young Reform UK voters.

Additionally, 42% of young Labour voters said they believed cryptocurrency could

play a positive role in their financial future, 10% higher than the average person in their age group.

Labour and crypto

The findings come as the ruling Labour party faces mounting pressure to engage with and regulate the digital assets industry in the UK.

In December, the government said it was working toward “firm and proportionate” legislation for cryptocurrencies.

In January, Lucy Rigby, the Economic Secretary to the Treasury, set a deadline of October 25, 2027 for the sweeping crypto bill, but with the caveat that its passing would be “subject to the will of Parliament.”

Yet some say Labour’s approach is too slow. Industry insiders have repeatedly urged lawmakers to step on the gas or risk falling behind the United States and the European Union, which have already approved their own laws.

The Coinbase Institute’s survey is yet another tool the group can use to chide the government into speeding up its progress legislating digital assets. Crypto firms operating in the UK are eager to receive a regulatory green light, which will enable them to roll out new products and services.

While the Labour government doesn’t appear to be explicitly anti-crypto, it also hasn’t done much to support the industry, either.

When the crypto industry warned last year of the potential negative impact of the Bank of England’s proposed £20,000 stablecoin holding cap, Labour leaders did not oppose it, while other politicians, such as Reform UK leader Nigel Farage, were quick to condemn it.

So far, Labour politicians have made more noise about banning crypto political donations than advocating for regulations that could encourage innovation and foster growth in the industry.

“Bitcoin is far more familiar to British under-25s than any ISA, savings bond or other saving scheme,” Tom Duff Gordon, Vice President of International Policy at Coinbase, said, referencing the survey’s findings. “Policymakers need to recognise this shift.”

Reform UK leads

The survey challenges the idea that cryptocurrency only appeals to supporters of right-wing political parties such as Reform UK and the Conservatives — at least among young voters.

Yet it also reaffirms that Farage’s party is winning support from those for whom crypto is a key voting concern.

Among young Britons, Reform UK voters were the most engaged with digital assets, and were the second-most likely to say the asset class could benefit them financially, after young Conservative voters.

Reform UK voters also led on those who said they would trust a political party more if they showed an understanding of new technologies like cryptocurrencies and blockchain.

Farage has done a lot to signal that his party is solidly pro-crypto in recent years.

At the Zebu Live conference in London in October, the Reform UK leader said he would make the UK the crypto capital of the world “when I’m in Number 10,” referring to Number 10 Downing Street, the prime minister’s residence.

“I want to bring in digital assets and crypto from the cold in London, to have that regulatory framework under which everybody can operate,” Farage said.

Tim Craig is DL News’ Edinburgh-based DeFi Correspondent. Reach out with tips at [email protected].