FCA Study Reveals That More Than 2 Million Adults In The UK Now Own Crypto Assets

The United Kingdom’s Financial Conduct Authority (FCA), in a survey, reported that about 2.3 million adults in the UK now hold crypto assets. The survey showed a remarkable increase in crypto’s popularity as it is up 1.9 million from last year.

Crypto ownership and awareness are on the rise. The FCA reported that 78% of adults in the UK know about crypto, a 73% increase from last year’s survey. The study also illustrated a rise in ownership volumes as median holdings rose from 260 British Pounds ($370) to 300 Pounds ($420) in 2020.

The FCA fears that some people enter the sector without clear understanding. In the report, only about 71% of the 2,568 online participants could identify the meaning of cryptocurrency from a list of definitions, which is 4% lower than figures from 2020.

In the survey, the FCA also showed that UK consumers give more preference to Bitcoin (BTC) than other cryptocurrencies. The FCA stated,

 “It seems likely many adults who have now heard of cryptocurrency are only acquainted with Bitcoin,”

The study showed that of all the respondents that identified at least one cryptocurrency, 70% recognized BTC.

FCA Executive Director, Sheldon Mills, explained that consumers must understand the way the crypto market works. He further stated that since crypto assets are unregulated, consumers will not have access to the FSCS or the Financial Ombudsman if something goes wrong.