A new survey conducted by the United Kingdom Financial Conduct Authority (FCA) has added to the growing pool of evidence that the number of UK consumers investing in cryptocurrencies has increased in recent years.
The FCA research published today was conducted online by YouGov, a British international Internet-based market research and data analytics firm. The study is part of the regulators’ efforts in collaboration with the Bank Of England (BOE) and the UK government to understand consumers’ profiles, their interest in cryptocurrencies, and the emerging market.
The financial watchdog also acknowledged that citizens holding cryptocurrencies rose to 2.6 million from 1.5 million recorded in 2019. Non-UK based crypto exchanges have played an instrumental role in elevating ownership.
Cryptocurrency awareness has also been on the rise in the United Kingdom because it rose to 73% from 42% recorded last year. This trend is attributed to increased media coverage as crypto adverts are given more airplay. For instance, 16% of current and previous owners were swayed by an advertisement.
Interestingly, more than a third of the respondents, which comprise about 35% representing 400,000 adults, revealed that online adverts played a significant role in influencing their decision to invest more in cryptocurrencies. The FCA stated that ads changed 16% of all new and existing cryptocurrency owners in the region.
Regarding their preferred trading venue, 83% of the respondents, who eventually decide to invest in cryptocurrencies, did so through non-UK based cryptocurrency exchanges, the report added.
“Cryptoassets present risks and opportunities for consumers. We hope these insights will help inform the policy debate in the UK and internationally as the use of these assets continues to grow.“
The FCA survey last year revealed that 1.5 million adults invested in cryptocurrencies. With the new study, the number of UK consumers investing in cryptocurrencies has increased by 1.1 million, bringing the total consumers to 2.6 million people.