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UK Regulator reports uptrend in crypto interest amongst investors

More than a third of respondents still see cryptocurrencies “as a gamble to make or lose money,” however, this number is down 9% compared to 2020. As users’ median holdings have risen–up from £260 ($362) to £300 ($418)–the survey’s authors ...

Jay Sharma

11 minutes

A survey, conducted recently by the Financial Conduct Authority among 2,568 respondents nationwide, has shown that:

  • 78% of the adult population in the UK has heard of crypto–a significant increase from 43% in 2019 and up a further 5% in 2020.

  • The number of users that own crypto is also on the rise as 5.7% of respondents, compared to 5.4% last year, said that they hold or have held digital currencies.

  • Based on these numbers, the researchers estimate that as many as 2.3 million people in the UK currently own crypto, up from approximately 1.9 million in 2020.

  • A typical British crypto holder profile is broadly unchanged from 2020–mostly male (78%), with 70% aged over 35.

  • Two-thirds of the respondents (66%) said that they own Bitcoin, up 3% on the previous year, followed by Ethereum (35%), Litecoin (21%), XRP (18%), and Bitcoin Cash (15%).

The Investment Sentiment

More than a third of respondents still see cryptocurrencies “as a gamble to make or lose money,” however, this number is down 9% compared to 2020.

As users’ median holdings have risen–up from £260 ($362) to £300 ($418)–the survey’s authors believe that this might be a sign of increased confidence in cryptocurrencies on the back of the impressive market performance over the past year.

Alongside the diminishing perception of cryptocurrencies as a “gamble,” 30% of respondents said that digital assets are a part of a wider investment portfolio–up 5% compared to the last year.

The research also suggests that there’s growing acceptance of crypto as more users–up from 26% to 32%–agreed that “cryptocurrencies and other alternative investments are better than investments provided in the mainstream financial sector.”

A word of Caution

The survey’s results point to a declining level of general understanding of cryptocurrencies. For example, only 71% of respondents who had heard of crypto correctly identified its definition from a list of statements.

This may suggest that some respondents don’t fully understand what they’re investing in.

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Written By

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Jay Sharma

Jay is a seasoned crypto entrepreneur and technology innovator. As the Founder and CEO of Botsfolio, he has been at the forefront of the blockchain revolution since 2017. His practical experience extends to the technical nuances of crypto mining, having successfully built and managed a substantial GPU mining operation. Jay developed a groundbreaking decentralised application for fractional real estate NFTs. This innovative project garnered significant recognition. Through his hands-on experience and analysis, he aims to provide valuable guidance and empower others to navigate the dynamic crypto landscape.

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The content, portfolios, and insights presented on this platform are provided for informational purposes only and do not constitute financial, investment, or trading advice. Kribx Inc. and its affiliated influencers are not registered investment advisors or broker-dealers. Cryptocurrency trading involves substantial risk and may result in the loss of capital. Users are solely responsible for their trading decisions. Past performance is not indicative of future results.

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