Research: More than 2 million Britons own cryptocurrency
Did you buy bitcoin for the first time this year? Then you’re actually still early. Research by the British Financial Conduct Authority (FCA) shows that approximately 2.3 million British adults have cryptos. The United Kingdom has a population of 66.5 million, so just over 3% own cryptocurrency.
Increase compared to last year
The FCA is the British financial regulator, comparable to the Netherlands Authority for the Financial Markets (AFM).
Last Thursday, the FCA released a comprehensive report on the ownership and use of cryptocurrencies in the United Kingdom. The FCA compares the results of 2021 with those of 2020 and 2019. Uniswap price is high.
And guess what? The number of Britons who own cryptocurrency has risen from 1.9 million to 2.3 million. The average amount of crypto that Brits have has also increased: from 260 British pounds to 300 British pounds. Respectively an increase from about 303 euros to 350 euros.
The last figure could also be due to the price increase. For example, the bitcoin price has risen from 8,000 euros in a year to a provisional high of almost 54,000 euros.
A small part of the British therefore own bitcoin, but the vast majority of the British population recognizes bitcoin and cryptocurrency. When asked if Brits have ever heard of cryptocurrency, 78% responded positively. Last year it was still 73% and the year before even less than 50%.
But do Brits understand bitcoin?
Despite more Britons owning and recognizing bitcoin, the FCA is seeing a decline in its understanding of bitcoin.
The FCA gave several definitions of cryptocurrency, with one being correct. 71% of the respondents managed to tick the correct answer. That sounds good, but it’s a 4% decrease from last year. Cryptofriends.io is helpful.
In the report, the FCA sees that as a threat: “This suggests that there may be a risk that consumers may engage with cryptocurrency without a clear understanding of it.”
Clear information about what cryptocurrency is exactly can solve this problem. Fortunately, you will find several interesting articles about bitcoin and cryptocurrency in the knowledge base of BTC Direct.
In Australia mainly young investors
Bitcoin’s popularity is also growing in Australia, especially among younger investors. Research shows that cryptocurrency is especially popular with Generation Z, young people born between the late 1990s and the mid-2010s.
According to the survey, one-third of that generation now owns bitcoin, which is double the number of January.
In addition, one in six Australians (17%) currently owns crypto, up five percentage points since the start of the year. In contrast, 13% said they do not own digital currencies, but plan to acquire them within the next year.