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More UK small businesses are turning to crypto—But not everyone’s onboard More UK small businesses are turning to crypto—But not everyone’s onboard

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More UK small businesses are turning to crypto – Crypto News

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7 months ago

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Rising costs and shifting trade conditions are pushing many small UK businesses to rethink how they operate. For some, that means exploring new ways to handle payments and manage money—and cryptocurrencies are playing a growing role.

Recent research from VistaPrint shows that one in four small businesses in the UK have used cryptocurrencies to support growth. That number jumps to over 60% for businesses with between 10 and 49 employees.

For many business owners, the main reason to accept cryptocurrencies is to give customers more ways to pay. About half of small businesses say they’ve either accepted or are currently accepting cryptocurrency. Nearly a third say cryptocurrency has helped speed up transactions, especially when dealing with overseas customers.

Confidence in cryptocurrencies seems tied to business size. Owners with larger teams tend to feel more comfortable with it—70% of businesses with 10 to 49 employees say they’re confident using it. That drops to 39% for smaller firms, where the appetite for risk tends to be lower.

Some business owners are also using cryptocurrencies as an investment. Over a third say they’ve put extra cash into digital currencies at some point. And while the stock market and bonds remain popular, 30% now prefer cryptocurrency—rising to 57% among owners of larger small businesses.

Many expect cryptocurrency use to keep rising. Half of all small businesses say they expect to use cryptocurrency in the next year or two. That number climbs to 67% when considering the next five years.

But there are concerns. Lack of understanding is the top worry, with 38% of business owners saying they don’t feel confident navigating the space. Market swings and unclear rules are also major sticking points. Some business owners think the government could do more—over half want better information, and nearly half would like to see more support or incentives to help make the shift.

Sabine Levellier, VP of Marketing at VistaPrint, said: “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.”

See also: UK to enforce new crypto reporting rules by 2026

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Tags: blockchain, crypto, cryptocurrency

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