Bitcoin Dominates Crypto by Brand Recognition, Says FCA Survey

Bitcoin Dominates Crypto by Brand Recognition, Says FCA Survey

Key Takeaways

  • The UK Financial Conduct Authority (FCA) has printed a report on cryptocurrency adoption
  • About 5% of the UK inhabitants owns cryptocurrency, and 78% of the inhabitants has heard of Bitcoin
  • Bitcoin is the best-known coin. Surprisingly, Libra got here in at second amongst altcoins

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By far, Bitcoin has the strongest model recognition amongst cryptocurrencies, in line with a brand new report from the UK’s Financial Conduct Authority. The report surveyed over 2,200 customers and 658 cryptocurrency homeowners to seek out out about individuals’s crypto funding habits.

Bitcoin Leads the Pack

The FCA requested customers about which cryptocurrencies that they’d heard of. Bitcoin was by far the best-known cryptocurrency: 78% of respondents have heard of it.

Cryptocurrencies more than 10% of respondents had heard of
Source: FCA

Surprisingly, Facebook’s Libra was extra well-liked than different altcoins. 22% of respondents have heard of it, although it doesn’t but exist and faces regulatory obstacles.

Respondents additionally reported consciousness of altcoins like Bitcoin Cash (identified by 20% of customers), Ethereum (17%), Bitcoin SV (12%) and Litecoin (12%).

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The FCA additionally examined exchanges. Among respondents, Coinbase was the most well-liked web site, used by 63% of traders. Binance (15%), Kraken (10%), Bittrex (8%), and Bitfinex (7%) additionally had good utilization amongst United Kingdom residents.

Other Findings

The FCA discovered that 5.3% of the United Kingdom’s inhabitants owns cryptocurrency, equal to about 2.6 million individuals. That quantity is up from final 12 months, when 3% of the inhabitants (1.5 million individuals) reported proudly owning crypto.

Crypto homeowners have the technical information to know the dangers of funding, the FCA says, including that almost all (47%) think about cryptocurrency a “gamble.”

Top 5 main reasons for purchasing cryptocurrencies

Source: FCA

Most traders (89%) acknowledged that they don’t have regulatory safety for his or her purchases. 73% of respondents didn’t personal crypto however plan to buy sooner or later and cited an absence of regulatory protections for his or her resolution. 29% of respondents don’t intend to purchase crypto in any respect, however stated that protections would trigger them to rethink.

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The report additionally discovered that promoting is vital. 45% of all crypto homeowners reported seeing crypto advertisements, and about one-third of these 45% stated that commercials made them extra prone to think about shopping for crypto.

Similar Studies

It ought to be famous that this knowledge displays UK customers and will not generalize to different international locations.

However, different teams and corporations have run their very own surveys. Paxful has printed surveys on crypto adoption in India and within the U.S. in current months. Meanwhile, Fidelity and Bitwise have printed surveys on institutional funding in cryptocurrency.

Finally, these studies are likely to concentrate on the notion of cryptocurrency. Surveys reveal little or no about market circumstances and on-chain exercise—an angle that’s left to cryptocurrency analysts.

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