Nikolas Sargeant
Following a Bitcoin meetup on June 18, eight merchants at the renowned Tooting Market, considered one of the UK's first food markets, started accepting crypto payments. Among the establishments embracing this new payment method are restaurants, bars, and even a vinyl record store. These transactions are facilitated by Bridge 2 Bitcoin, an organization dedicated to building a Bitcoin circular economy and fostering partnerships with local merchants.
The June 18 event witnessed the participation of notable figures from the crypto community, including representatives from CommerceBlock, CoinShares, Mercury Layer, Civkit, and lightning network developers.
In an encouraging sign, Bridge 2 Bitcoin reported that the Mezzanine bar at the Tooting Market experienced a remarkable surge in profits after introducing Bitcoin payments on Tuesday, with their earnings doubling compared to a typical Tuesday.
"Yesterday was their 1st night accepting bitcoin, & their takings were double what they usually receive on a Tuesday!" the organization exclaimed.
Bridge 2 Bitcoin enables UK businesses to accept Bitcoin while enjoying low to zero payment fees, instant settlement, and no chargebacks, making it an attractive proposition for merchants.
UK's Broader Bitcoin Adoption Strategy
According to Nicholas Gregory, CEO of CommerceBlock, initiatives like the one at Tooting Market could pave the way for a wider push for Bitcoin adoption in the UK.
"The more traders accept Bitcoin, the more we can push the state to recognize it as a legitimate form of payment, making it easier to use from a tax efficiency perspective," Gregory told Bitcoin Magazine.
Recent data from Coinbase's Stand with Crypto initiative suggests that the UK has over 6 million crypto holders, indicating a significant presence of digital assets in the country. Furthermore, the UK crypto industry is maintaining a strong pace of growth, outpacing other jurisdictions across the globe.
According to data from AltIndex.com, the UK crypto industry grossed a staggering $1.9 billion in 2023, a massive 137% year-over-year growth from $800 million in 2022. Projections indicate that this figure could double and reach $3.77 billion by 2027.
Additionally, Statista noted that more than 200 businesses across Britain now accept crypto payments, reflecting the massive growth in Bitcoin adoption.
The increasing number of crypto users in the UK has encouraged small merchants to embrace new technologies like Bitcoin, thereby driving broader usage of cryptocurrencies and calling for a regulated approach to this burgeoning industry.
