- A survey by the Financial Conduct Authority revealed that 3.86% of the UK’s population (1.9 million people) owns digital assets.
- 3/4th of those who own cryptocurrencies hold under $1,229 in digital assets, according to the research.
- 15% of the survey respondents said that they held digital assets to “make money quickly.”
The UK’s financial regulator, the Financial Conduct Authority (FCA), recently published its research on the growth of digital currencies in the country. According to the results, around 3.86% of the UK’s general adult population – approximately 1.9 million people – currently own cryptocurrencies.
The FCA noted that nearly 3/4th of those who own cryptocurrencies hold under $1,229 in digital assets. The research also found 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. 15% of respondents said they own digital assets to “make money quickly.”
Discussing why they bought cryptocurrencies, 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.” Another 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.
Editor’s Note: The first version of this article wrongly stated that 86% of UK’s general adult population own cryptocurrencies.