A recent survey by the Financial Conduct Authority in the UK has shown a substantial increase in awareness and ownership of cryptocurrencies.
However, the level of understanding has waned.
The FCA study comes after “a period of continued interest” by the Government, the Bank of England, Payment Systems Regulator (UK Cryptoasset Task Force included), and the FCA itself.
Overall, public awareness and our estimate for ownership is up to around 2.3 million, up from around 1.9 million in 2020 – and 78% of adults have now heard of cryptocurrencies. For this year’s study the UK population was taken to be approximately 52 million, while in 2020 it was taken to be around 50 million.
The average holdings have bolstered from £260 to £300.
More people are beginning to see cryptocurrency as an alternative source of income rather than a gambling scheme.
Half of the current investors have shown willingness to pump more money into it.
Points to not from FCA’s Survey
- 78% of adults have heard about cryptocurrencies, an increase from the old figure (73%).
- Deep knowledge of the crypto industry has declined amongst investors.
- Number of consumers holding cryptocurrency has risen to 2.3 million
- More people are checking their crypto wallet balance daily.
- Consumers now see cryptocurrencies as an investment.