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Digital currency awareness in UK spiked since 2019: FCA

The Financial Conduct Authority (FCA) has launched its Cryptoasset Consumer Research 2020 report, which was commissioned to achieve perception into the scale of the digital asset market in the United Kingdom, in addition to to establish potential dangers that investing in digital currency might have on the inhabitants. Here are among the monetary regulator’s key findings.

What the FCA found

The most vital discovery in the FCA’s Cryptoasset Consumer Research 2020 is that digital currency awareness in the U.Okay. has considerably elevated since 2019. The earlier 12 months’s shopper analysis report discovered that 58% of the people surveyed had by no means heard of digital currency earlier than; nonetheless, this 2020, the FCA discovered that solely 28% of the people surveyed had not heard of digital currency.

The FCA’s analysis additionally discovered that roughly 3.86% of the U.Okay.’s inhabitants, which equals out to about 1.9 million folks, personal digital currency. Of the 1.9 million digital currency homeowners in the U.Okay., about 75% of them personal lower than £1,000 (about $1,200) of digital currency. The report additionally found that the common quantity of digital currency owned is about £260 value (about $320).

Of all of the digital currency homeowners in the U.Okay., 47% say they invested in digital currency as a result of they noticed it as “a gamble that could make or lose them money.”

What may come as a shock is {that a} majority of digital asset homeowners in the U.Okay. will not be buying digital currency from a dealer, alternate, or over-the-counter the nation. According to the analysis, 83% of the people surveyed bought their digital currency via a non-U.Okay. primarily based alternate.

How are folks studying about digital currency?

According to the FCA’s analysis, increasingly people in the U.Okay. are studying digital currency via numerous media shops.

Digital currency awareness in UK spiked since 2019.

The analysis confirmed a rise in people studying of digital currency via the media and on-line information in comparison with 2019. In addition, fewer people realized of digital currency from associates/household in comparison with 2019.

Although the variety of residents who personal digital belongings is small relative to the U.Okay.’s inhabitants, awareness of digital currency in the U.Okay. is indefinitely on the rise. According to the analysis, advertising and marketing efforts are to thank for this improve in awareness. Marketing channels are more and more changing into the avenue the place people are first studying of digital currency.

The FCA’s Cryptoasset Consumer Research 2020 report is filled with insights concerning U.Okay. resident’s attitudes towards digital currency. You can discover the FCA’s full analysis report by clicking here.

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