As cryptocurrencies continue to take center stage in financial systems, UK citizens are becoming more interested in the asset class and the numerous potential it has to offer.
According to a recent survey conducted by OnePoll, about 20% of the 2,000 interviewees have made crypto investments and more than half of that figure currently have multiple crypto wallet apps and price trackers on their mobile devices.
68% of those who have cryptocurrencies in their investment portfolio admitted that they have no regrets about their decision, adding that it has brought them some profit. Making up a greater part of this group were Brits between the ages of 18-24, about 58%.
The survey, which was commissioned by the blockchain-based tech company, StarkWare Industries, revealed that a whopping 72% of Brits have heard about cryptocurrencies but are yet to invest.
Per the survey, the popular cryptocurrencies among investors were Bitcoin (BTC), Ethereum (ETH), and the meme-inspired coin, Dogecoin (DOGE). Investors also readily understood these three terms – Coin, Blockchain, and Token.
Cryptocurrencies Are "Too Hard to Understand"
When asked why they have not invested in crypto for the first time, 38% noted that cryptocurrencies are too hard for them to understand. However, almost three in ten people clarified that they would invest if it were made simpler.
Despite their surging popularity, cryptocurrencies remain largely difficult to understand and these investors need to know exactly what they are getting themselves into.
Speaking on this concern, StarkWare’s president, Professor Eli Ben-Sasson, said, "We’re hearing the public saying loud and clear that it all needs to be less confusing, and people don’t understand why there aren’t lots of user-friendly crypto apps for everyday uses. The answer is it simply hasn’t been practical to build them until now because blockchain’s capacity crisis meant they’d be too slow and expensive to run."
Lack of Regulatory Clarity Pose a Challenge
The survey found that 64% of Brits have not invested in crypto due to the industry's lack of regulatory clarity in the UK and several other parts of the world.
As a result, 21% are convinced that the asset class is a scam, hence the lack of regulations. 55% are afraid of losing their investments in crypto, especially as the FCA has repeatedly sounded that warning.
To protect consumers, the UK government recently tightened rules on crypto ads making misleading claims. Just a few days ago, the country's advertising watchdog issued "red alert" notices to over 50 firms advertising crypto products and services.
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