FCA Survey Shows 2.3 Million UK Adults Hold Cryptocurrencies

The number of UK adults holding crypto assets has grown significantly from what was recorded last year, according to a consumer research report published today by the Financial Conduct Authority (FCA).

As per the report, a total of 2.3 million UK adults are cryptocurrency holders, which is higher than the 1.9 million people the authorities reported last year.

Interestingly, the level of enthusiasm for crypto investors in the UK is also on the high side, the FCA added.

The regulators stated that more than half of crypto users said they had good experiences investing in crypto, with 53% of respondents in this category stating that they would invest more funds in the asset class, compared to 41% recorded last year.

Additionally, investors who had a bad experience with their investments also dropped from 15% to 11%.

Crypto Awareness In the UK Surge

Crypto awareness in the UK has also surged in the last 12 months. Per the report, 78% of the respondents affirmed that they have heard about crypto, up from 73% recorded last year.

While this may be seen as a massive boost for the crypto industry, the authority noted that the level of understanding of cryptocurrencies has been on the decline.

Of the respondents who stated to have heard about the asset class, only 71% were able to identify cryptocurrency definition from a list of statements provided on the survey form.

Commenting on the report, Sheldon Mills, FCA’s Executive Director of the Consumers and Competition unit, said:

“The research highlights increased interest in crypto assets among UK customers. The market has continued to grow, and some investors have benefitted as prices have risen.”

However, Mills did not fail to warn investors about the risks involved in cryptocurrency.

The recent research’s objective is the same as its three previous pieces of crypto research, as the UK financial regulatory unit believes that the survey would help develop its thinking about the pros and cons of cryptocurrency.

In addition, the survey would also help the FCA better understand consumers’ profiles, their interest in cryptocurrencies, and emerging markets.

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