2.3 million UK consumers own cryptocurrency

2.3 million adults in the UK own cryptocurrencies, according to a study by the UK’s Financial Conduct Authority (FCA)

The Financial Conduct Authority (FCA), the U.K. regulator, noted “increased ownership but decreased understanding” of cryptocurrencies in the country through an online survey involving 2,568 people.

What happened
According to a study published by the FCA on Thursday, 2.3 million British adults own cryptocurrencies (up 400,000 from last year).

The regulator also noted that among owners, 38% see it as a bet (up from 47% last year), and more investors now see it as a supplement or alternative to traditional investments.

The average investment amount is £300 (approximately €350).

Sheldon Mills, executive director of consumer and competition affairs at the FCA, warned: “The survey highlights a greater interest in cryptoassets from UK customers. … Customers must understand that, as these products are largely unregulated, if something goes wrong, they Unlikely to have access to the FSCS or the ombudsman. If consumers invest in these types of products, they should be prepared to lose money.”

According to the FCA, only 71 percent of people correctly identified the definition of cryptocurrencies from the list, and 78 percent of adults had heard of them (up 5 percent from the previous year).

Interestingly, investors who only own bitcoin
They are more likely to know about cryptocurrencies and want to buy more in the future.

2.3 million adults in the UK own cryptocurrencies, according to a study by the UK’s Financial Conduct Authority (FCA)