BoE Twitter Poll: Most People Would Prefer Cryptos As Christmas Gifts

Christmas is not over yet as the yuletide season extends to January up to the Epiphany of the Lord celebration on January 6th, 2019. In this regard, Christmas gifts will still continue to be dished out in the spirit of the season that also incorporates welcoming of the new year 2019.

President Donald Trump recently wished everyone a Merry Christmas but he could not refrain from attacking Democrats and even issuing well wishes to his arch rivals- “the fake news media” leaving many of his critics wondering his sincerity in the matter. In the same light, for people who are yet to gift their loved ones or wishing to redeem themselves after giving out unimpressive gifts the Bank of England has an idea for them.

According to a Twitter Poll conducted by the institution between December 17th and 24th, results show that 75% of respondents prefer getting Digital Currencies for Christmas gifts.

The Twitter Poll

The Central Bank asked a relatable and easy question on its Twitter handle where respondents were asked to select between Cash, Bank Transfer, Gift Voucher, and Digital Currency for a Christmas gift. Supposedly, cash refers to ready-to-spend bank notes in the local Pound denomination. Bank transfer refers to a decision by the gifted to authorize a money transfer to the recipient’s bank account. Gift voucher refers to a prepaid money card that enables a recipient to redeem the stored money for goods and services.

Lastly, Digital Assets are valuable Tokens whose values are attached to a Blockchain-based transaction such as mining, or on-platform transactions. Also known as Cryptocurrencies or Crypto Asset, they have inherent value that fluctuates depending on the demand-supply tradeoffs.

Most People Prefer Digital Assets

As the poll closed, 75% of the respondents indicated that they would prefer Digital Assets. Cash came at a distant second at 23%. Bank transfer was preferable to 8% of the poll participants while Gift cards were the least likable Christmas gifts at a paltry 2%. The sample size was an impressive 16,799.

Further, among the respondents who prefer Digital Assets, Bitcoin was the most preferred despite having lost more than 60% of its value between November 24th and December 24th. This indicates that the voters view BTC as a futuristic investment that is likely to recover in 2019 and beyond and therefore a high-interest earning asset to have. Additionally, Litecoin, Ripple, and Ethereum were also highly preferred.

Influencing Government Opinion

The Bank of England is the only body that can influence policy formulation on Cryptocurrencies in the UK besides the parliament. This is because the Financial Conduct Authority (FCA) does not recognize Digital Assets as currencies or commodities while Her Majesty’s Revenue and Customs (HMRC) only considers the tax aspect of Cryptos. Hence, the poll will most likely lead to a more serious debate of facilitating the development of this industry because of the overwhelming public opinion.

Therefore, Mark Carney, the BoE governor may retract his previous statement when he said that the bank has no plans to consider the role of Cryptos in the British economy.