The United Kingdom’s Financial Conduct Authority (FCA) recent research findings, estimates that 3.86% of the UK’s population currently own cryptocurrencies.
The findings of the research were published on June 30, 2020 by the UK’s Financial Conduct Authority (FCA). FCA estimates that 3.86% (1.9 million) of the United Kingdom’s general adult population currently own cryptocurrencies. The research findings also estimate that roughly 5.35% approximately 2.6 million UK residents have held or owned cryptocurrency at some point.
This highlights a significant increase from 3% based on FCA’s research in 2019 to 5.35% in this year’s own. This is a 2.35% increase which numerically represents an increase from 1.5 million people in 2019 to 2.6 million in 2020 that have held or owned cryptocurrency at some point.
The research findings goes further to show that 75% of UK residents that own cryptocurrencies own under £1000 and majority of them have knowledge of the underlying technology (Blockchain), the high volatility associated with cryptocurrencies and also understand the risks associated with lack of protections for cryptocurrencies. Although 11% approximately 300,000 people comprising of the previous and current cryptocurrency holders involved in this research thought they were protected.
Why and how did they buy cryptocurrencies?
Sampling opinions on why UK residents bought cryptocurrencies the most popular reason is due to the high volatility associated with the prices, viewing cryptocurrencies as a gamble that can either make them money or not. It is estimated that 83% of crypto holders in the United Kingdom buy their cryptocurrencies from non-U.K. based exchanges.
Another important finding in the research is the influence of crypto related adverts. 45% of all previous and current cryptocurrency holders said they have seen crypto related adverts, of which 35% (400,000 people) said it made them more likely to buy crypto. Overall, 16% of previous and current cryptocurrency holders believe crypto related adverts influenced their decision to buy.