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Crypto Bitcoin Survey Shows 21% Of The U.K. Investors Are Unaware Of Cryptocurrencies

Survey Shows 21% Of The UK Investors Are Unaware Of Cryptocurrencies

Asad Gilani
by Asad Gilani
4 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

A survey conducted in the UK recently reveals that two out of every five investors initially know little or nothing about cryptocurrencies. Moreover, they admitted to seeing the sector to be “non-existent or poor” before their investment.

The survey exposed the ignorance of the British crypto investors’ knowledge, motivations, and exposure regarding crypto investments.

Related Reading | Binance Bitcoin Open Interest Surges Despite Legal Scrutiny

Two in every five (36%) of the people that invested their money (retail crypto investors) in the country confirmed that they had a poor understanding of the sector.

They thought the sector was “non-existent or poor” when they invested initially. However, with time, 21% of crypto holders among the investors still rated low on their knowledge about the sector.

Oxford Risk, a commercial software firm, conducted the survey. They focus on the products for financial service firms and managers.

While still small, with 1,038 respondents, the survey research was reported to show the demographic profile of the United Kingdom.

The survey indicates that FOMO drove the demand for crypto assets adding to the low literacy on crypto investments. 35% of the respondents accepted reading about increasing crypto prices, while 15% confessed their family and friends persuaded them to invest.

UK Investors Are Uncertain About The Future Of Cryptocurrencies

Greg B Davies, the Oxford Risk head of behavioral finance, said:

“The concern is that too many people are buying blind without knowing what they’re doing and are being influenced to invest by rising prices and other people encouraging them to have a go. That is worrying if people have substantial amounts invested in cryptos and do not understand what they have bought.”

However, a reasonable minority are still not sure about the future of the crypto market. For example, 45% of respondents indicated that they are not aware that the crypto price will continue to rise.

Related Reading | Goldman Sachs Says Ethereum May Become The New Store of Value

32% opposed the price increase prediction, while 24% believed firmly that it would happen. 21% regardless of the price prediction, plan to either increase their crypto holdings or buy it as a first-timer this year.

It is good to note that most investors invested a relatively small amount of funds into cryptocurrencies. However, 81% bought a bit of the digital asset to see what will come out of it.

76% invested a little, say less than 5% of their savings for 41% it is less than 1%. However, 7% of the investors staked up to 20% of all their assets in digital crypto, while 10% staked over 10%.

The sturdy made by UK’s Financial Conduct Authority shows that 2.3million adults within the country as of June 2021 are crypto holders. This number of investors was formally 1.9million last year.

Related Reading | Bitcoin Mining Energy Consumption Becomes A Blockchain Heated Debate

Aside from the increase in the number of crypto investors, the FCA discovered that median holdings had also risen to $420 (£300) from $370 (£260) in 2020.

This uprising was associated with the increased awareness levels. For example, 78% of adults in the UK had admitted hearing of crypto as against 73% in the past year.

Survey Shows 21% Of The U.K. Investors Are Unaware Of Cryptocurrencies

The crypto market enters the green zone with the hope to embark on a bullish rally | Source: Crypto Market Cap on TradingView.com

Like Oxford Risk, the FCA also pointed out the discouraging level of crypto understanding among investors. They emphasized that many consumers are yet to understand the technology and crypto industry at large.

Featured Image by Pixabay - Chart by TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Asad Gilani

Asad Gilani

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Asad is a freelance writer. He is interested in cryptocurrencies, technology, and in particular the subject of online security. An open supporter of freedom of speech, privacy, and equality for all. On a personal level, he likes to stay socially active, loves playing snooker, cricket, enjoys seafood and loves listening to folk music.

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