One in ten investors in UK own crypto, BTC is most popular, survey shows

09 Mar, 2019 | Updated: 09 Mar, 2019
by Fifi Arisandi
One in ten investors in UK own crypto, BTC is most popular, survey shows

UK financial regulator surveyed 2,100 investors and concluded that Bitcoin is still the most popular cryptocurrency and that 1 out of 10 investors own crypto.

A recent survey conducted by the UK’s Financial Conduct Authority (FCA) predicts that 1 in 10 investors in the country own crypto.

The FCA gave the estimation referring to the survey to 2,100 investors earlier that shows 70% of them are either hadn’t heard of crypto or couldn’t define what it was and only the remaining 30% that claimed to know what crypto is.

Answering the question about risk, 71% said that crypto is a risk they’re willing to take, 31% said crypto is a gambling investment, while 30% considered it as part of their investment portfolio.

When it comes to what motivated them to buy cryptocurrency, 18% stated that they thought it was a way to make money quickly and 4% said to purchase crypto out of FOMO (fear of missing out).

So, which cryptocurrencies do British investors prefer the most?

51% of the respondents said they own Bitcoin, with Ethereum (ETH) came second with one of three respondents admitted to have bought it, while 20% of them said to own Litecoin (LTC), XRP and Bitcoin Cash (BCH).

It seems like the percentage of investors who diversified their crypto portfolio is just slightly smaller than those who only had one kind of crypto with 53% to 57% comparison.

The survey results triggered comments from several prominent figures in the country. Nick Cowan, Founder of Gibraltar Stock Exchange (GSX) think that education to raise crypto awareness should become a main priority.

“The fact that over 70% of those surveyed haven’t heard of cryptocurrencies or are unable to define cryptocurrencies underlines the urgent need for more accessible education on blockchain and digital assets,” he said.

Anthony Broderick from cryptocurrency data provider, CoinSchedule affirmed the above opinion and at the same time mentioned about the future prospect if the consumers have proper knowledge of cryptocurrency.

Quoting his statement to Cryptobriefing, “If as an industry we can work to educate consumers on the benefits of cryptoassets, relative to legacy systems, and address the issue of trust then there is significant potential to create a new (and inclusive) financial system backed by cryptoassets.”

Having said that, with the recent crypto market situation that is said to have shown signals for the next bull run, there's a big chance that the above percentages would soon be irrelevant. 

WATCH: 4 Signals BITCOIN could start its next BULL RUN!

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