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%).
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.”
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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