According to a recent survey conducted by Financial Conduct Authority revealed that a significantly high number of the British people own digital assets. The information which was made public just a few days ago indicates that 86% of the UK’s population, a number as high as almost 2 million people own at least one type of digital asset, cryptocurrency, bitcoin, or any other form of digital currency.
Recently, the UK’s financial regulator, the Financial Conduct Authority (FCA), published its research on the growth of digital currencies in the country. According to the results, around 86% of the UK’s general adult population – approximately 1.9 million people – currently own cryptocurrencies.
The significant takeaways of FCA’s survey
In addition, the results of the survey also point out that three-quarters of the British people own no more $1,229 USD in cryptocurrency.
Interestingly, the FCA noted that nearly three-quarters of those British people who own digital assets, cryptocurrencies, hold under $1,229 in digital assets.
The research also finds that 6 million people hold or have held cryptocurrencies at some time. 27% of the survey respondents said they had never heard of cryptocurrencies. This marks a significant improvement from 58% in 2019.
Of the cryptocurrency owners, about 92% correctly identified the definition of cryptocurrencies, and 89% correctly understood the lack of regulatory protection. Finally, 15% of respondents said they own digital assets to “make money quickly.”
The British people’s response breakdown:
Discussing why they bought cryptocurrencies, participants had 4 major reasons.
- 25% of the participants said they bought crypto as part of a wider investment portfolio.
- 47% of them noted that they purchased cryptocurrencies “as a gamble that could make or lose money.”
- 17% purchased digital assets as part of their long-term savings plan. Interestingly,
- another 17% bought cryptocurrencies because of their lack of trust in the current financial system.