The FCA survey found that there are now more than 2 million adults in the UK holding cryptocurrencies

A new study by the UK Financial Conduct Authority shows that the country’s ownership of cryptocurrencies has increased significantly.

Thursday, FCA Publish The results of a consumer survey found that 2.3 million adults in the UK now hold crypto assets, up from 1.9 million last year. With the increase in the number of cryptocurrency investors, the study also found a surge in the number of ownership, with the median holdings increasing from £260 ($370) in 2020 to £300 ($420).

The increasing popularity of holding cryptocurrencies is in line with the increase in the level of awareness, as 78% of adults said they have heard of cryptocurrencies, up from 73% last year.

Source: FCA

Although people’s awareness and ownership of encryption continues to increase, FCA’s research shows that the understanding of cryptocurrencies has declined significantly, indicating that some people who have heard of encryption may not fully understand it.

According to the report, only 71% of respondents correctly identified the definition of cryptocurrency from a series of statements, a 4% decrease from 2020. FCA pointed out.

related: 90% of UK financial advisers avoid cryptocurrencies and “memetic stocks”

FCA Consumer and Competition Executive Director Sheldon Mills (Sheldon Mills) said that some British investors have benefited from this year’s bull market. “However, it is important for customers to understand this because these products are basically unregulated, and if something goes wrong, they are unlikely to receive FSCS or Financial Ombudsman services,” he added.

FCA’s research also shows that British consumers like Bitcoin very much (Bitcoin) More than other cryptocurrencies, 82% of respondents approve of BTC. According to the study, 70% of people who recognize at least one cryptocurrency only recognize Bitcoin, an increase of 15% from 2020. FCA stated: “Many adults who have heard of cryptocurrency now seem to be only familiar with Bitcoin.”

Source: FCA