Study shows almost 30% of crypto investors in the UK monitor their balance everyday

Based on data released by UK’s Financial Conduct Authority (FCA), 78% of adults are now familiar with the term “cryptocurrencies.”

FCA also added that 2.3 million people in the UK had experienced owning cryptocurrencies.

But one of the most significant things that FCA found is that, throughout the years, British people’s perspective about cryptocurrencies has improved.

Not a gamble anymore

According to its data, it revealed that investors are not viewing cryptos as a mere gamble anymore but as a serious investment.

Not only that, but people’s awareness about cryptocurrencies’ fluctuations has also improved. In fact, because of this, 29% of investors in the UK are now checking their balance every day.

This was a great improvement given that only 13% are checking their crypto balance last year.

One other positive thing that the survey revealed is that British crypto holders now have long-term plans for their cryptocurrency ventures.

The survey showed that many holders are planning to increase their exposure to cryptocurrencies.

Crypto’s expansion in the UK

But FCA also admitted that even with this positive outlook, the crypto understanding of people in Britain has actually declined.

The survey also showed that web searches for “cryptocurrency” have significantly increased and peaked in May.

Since then, the search has declined over the past two weeks.

The data released to the public also showed the most preferred cryptocurrencies of Brits: Bitcoin (about 66℅), ethereum (35%), litecoin (21%), XRP (18%) and bitcoin cash (15%).

The study has also identified that the top two reasons behind crypto’s rise in the country are its price volatility and the people’s bullish behavior towards cryptocurrencies.

 

Image courtesy of Cointelegraph News/YouTube

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