Most Britons think crypto is a better investment than property or gold... but they're still not buying it.
A new poll suggests one in three Britons are curious about investing in cryptocurrency — but it seems there are some big hurdles that stand in the way of them snapping up some Bitcoin.
Of those who expressed an interest in buying digital assets, 62% said they had decided against it because they don’t understand the marketplace, while 43% claimed they don’t know where a purchase can be made safely.
In a statistic that shows how significant PayPal’s crypto service could shape up to be, 36% said they would be prepared to buy digital currencies if they started to be offered by mainstream financial institutions.
The poll commissioned by Ziglu also shows that 13% of those who have taken the plunge were not experienced investors — with 23% describing themselves as novices, and 32% characterizing themselves as competent.
Interestingly, Britons are also more likely to say that cryptocurrencies are a better investment than real estate and gold.
Ziglu’s data also suggests that London is a big hotspot for crypto investors, as 30% of Britons in the capital have already made an investment. But this falls to just 9% in Wales, indicating that not everyone is convinced.
The money app’s founder and CEO Mark Hipperson said:
“Our survey highlights the importance of financial inclusion, and that is why we will continue to spread the word not just about how crypto works but also how easy and safe it can be now to buy and sell.”
Research from the U.K.’s Financial Conduct Authority, released in June 2020, estimated that approximately 1.9 million British adults own cryptocurrencies.