The total number of consumers investing in cryptocurrencies more than doubled in a yearly comparison. Since last year, 2.6 million more people jumped into the cryptocurrency train.
However, studies found that one out of 10 don’t know the crypto they own were unregulated. Therefore, these assets likely lacked financial protection.
While technical knowledge appeared high, 11 percent out of the 3,000 consumers surveyed in March falsely believed they were protected.
When the numbers were published on June 30, the Financial Conduct Authority also accounted for 1.9 million people (or 4 percent of the general population) who still own crypto-assets.
Most cryptocurrency owners hold about US $30-worth of assets. Meanwhile, 75 percent owned about US $1,250 and 90 percent recorded about US $5,400.
In the same survey, the FCA found that investors have been using the assets to expand their investment portfolios. About 31 percent of the participants, on the other hand, considered the class to be “too risky.”
Technical Knowledge Also Increased
Last year, cryptocurrency owners were warned that consumers looking into Bitcoin (BTC) lacked understanding of its prices. After learning that they were turning to crypto to “get rich quick,” the regulator proposed banning the sale of crypto-asset derivatives to retail investors.
That said, more people are much more knowledgeable about crypto assets than they were last year. The figure improved to 73%
Bitcoin remains as the most popular cryptocurrency to date. Seventy-eight percent of the FCA respondents confirmed they know of it. Though, there’s also the rapidly rising popularity for the Facebook’s Libra. Considering that Libra hasn’t been launched yet, it stood as the second-most popular crypto in the UK.
Interestingly, the second-largest coin by market value Ethereum (ETH) is the fourth most known cryptocurrency in the UK.
The most popular exchanges in the city are Coinbase, Binance, and Kraken, respectively.