Coinbase is targeting the UK financial system with a dark, satirical video. This is because data reveals a sharp rise in financial difficulties across the country.
Title “Everything Is Fine,” the video uses musical tones and lyrics to show tough scenes of inflation, poverty, debt and financial struggles, boasting about the strong UK funds.
“We have no problem, there’s no reason to complain,” the video begins as a damaged house or trapped individual fills the screen. “The streets aren’t getting clean. I haven’t leaned the rat meat either. No. Life is just as great,” he claims that dirty streets flash across the screen.
The video also touches on the issue of UK prices surges. “These fish fingers are stealing. The price is smudges. It’s just 100 pounds for a meal,” he says, “it could be even worse.”
Coinbase release video targeting the UK. sauce: Coinbase
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Currently, 44% of UK adults are financially vulnerable
Coinbase Video lives in financially vulnerable conditions, with 20 million people in the UK at 44% of all adults, an increase of 16% since 2022, according to a recent report from Fair4all Finance. This rise is driven by volatile income, limited savings, health and unemployment.
The report states that 59% of people with high debt burdens with average incomes are rising sharply, with a total of 3.5 million people now. Another 1.9 million young adults, an additional 45% increase, are struggling, and often rely on the “Buy Now Pay Later” service and fall into zero-hour contracts.
Food anxiety has worsened, and food bank use has increased from 11% to 15%. Half of those in financially vulnerable situations say they can’t afford healthy food. Many people turn to payday loans and short-term credits to cover basic needs.
Two groups have seen the fastest growth. Low-income families without savings have increased from 5% to 3.8 million, while credit-surviving people in crisis have risen by 12%, up 3.9 million.
UK financial vulnerability. Source: Fair4all Finance
Related: UK Working to sell $700 million in Bitcoin seized to increase budget: Report
UK Crypto Policy is occurring
The UK is also setting fires due to crypto policy. Last month, analysts at the Official Currency and Financial Institutions Forum (OMFIF), an independent think tank, claimed that the UK wasted its initial driving advantage in distributed ledger finance.
They say the UK was once expected to set a post-Brexit gold standard for crypto regulations, “continue to talk about non-specific regulations about future regulations,” and “policy postponement” is an important reason why the country is lagging behind both the European Union and the US.
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