Bitcoin popularity in UK high, but understanding is still low  

It is clear that bitcoin is a “rising star” in the UK, but one thing also appears to be crystal clear: Most citizens don’t even know the basics of this cryptocurrency.

A study released by FCA, it showed that 78% of people in the UK have heard something about cryptocurrency, and 2.3 million said that they currently hold crypto. 

But the most surprising thing that the study revealed was that the general public has little understanding of cryptocurrencies. 

Even with millions of UK residents already holding various types of cryptos, the concept of digital assets remains complicated for them. 

Numbers going up

The low understanding of cryptocurrencies is concerning, but the numbers in other areas provide optimism. According to the FCA, the number of people who have tried investing in crypto has gone up slightly this year, and most of them are wealthy, educated males. 

But even with the residents’ maturing perspective about cryptos, the study still can’t deny the fact that the concept of cryptos, blockchain technology, and the risks that come with them are still vague to the public. 

Brits prefer bitcoin overstocks

One other surprising thing that the study showed was that Britons, even with their lack of understanding about bitcoin, still preferred it over stocks when it comes to investing. 

According to a survey conducted by Find Out Now, a UK-based company that provides online survey hosting services, said 7% of the UK residents have generated their wealth from the major cryptos. 

Laith Khalaf, a financial analyst at AJ Bell, expressed his enthusiasm about crypto’s rising status and said that the world would certainly go “crypto crazy” soon. 

 

Image courtesy of Cointelegraph News/YouTube

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