I think if there’s something we can all agree on, it’s that 2020 presented us with a year of unprecedented change.

As we continue to come to grips with a global pandemic, we’ve also experienced a heightened sense of political unrest around the world. And for us Brits, we’ve also very much felt the limitations of the UK’s current economic infrastructure and the direct impact on local businesses and consumer behaviour. In a pre-Covid world, cashless payments were by no means a taboo, but there’s no doubt that the global pandemic has accelerated the use of these types of transactions. For example, in the last year, it has been reported that more than 90% of face to face payments are now made using contactless cards. As the popularity of a cashless society grows, the adoption of cryptocurrencies in the UK is slowly but surely developing, with different industries beginning to recognise that in order to remain relevant, the exploration of alternative payment methods is more important now than ever before. 

There’s no surprise that fin-tech companies are heavily involved in the crypto world, but what’s particularly interesting about 2020 is how a variety of industries, including fashion and music, have started to introduce cryptocurrencies to the UK culture scene in a way that allows for easy and relatable adoption.  

Renowned Lewisham trainer store, Crep Select, has recently announced they’ll now be accepting BTC (Bitcoin Core) as a form of payment, following a big boom in the BTC market in the past few weeks. Whilst Crep Select started in 2016 as a small idea, they’ve now opened their first flagship store, supplying the best menswear designers, urban streetwear and the most exclusive footwear. We interviewed company owner Lawrence Roulland to find out more...  

“I’ve followed BTC from quite early and purchased some 3 years ago as a long term investment strategy. I understand business isn’t easy and always adapting and keeping up with tech is important… I believe it will become the new normal eventually.” 

You can follow them on Instagram, Twitter, Facebook & Snapchat @crepselect if you want to align your love for crypto with your love for good sneakers! 

Not only are we seeing the influence of an increasing need of cashless payment in the fashion industry, but in music too. UK artist, Nines, states “You could pay me in Bitcoin or cash,” in his highly popular single Airplane Mode - featuring East London rap collective NSG and taken from his number 1 album Crabs in a Bucket.  

So, what does this mean for UK adoption of cryptocurrencies and bitcoin in 2021? 

Well… you no longer have to be a tech-savvy, business-oriented, market-watching individual to talk about cryptocurrencies and bitcoin. Crep Select and Nines are just two examples of how people from different walks of life can be exposed to the world of crypto and bitcoin in a way that is of interest to them. It’s important to mention that having this input from the fashion and music industry is crucial for the future understanding and application of Bitcoin technology as their audience is predominantly millennials and generation Z.

As a result, we could begin to see mainstream adoption ramping up in the new year, taking us closer to a cashless, data driven economy in the future, as bitcoin is far more than just a monetary asset.  

New call-to-action

You may also be interested in