Home Business NewsBusinessAlmost two-thirds (65%) of UK investors currently have money in cryptocurrency

Almost two-thirds (65%) of UK investors currently have money in cryptocurrency

by LLB Editor
2nd Aug 23 10:44 am

A recent study by Forbes Advisor, the financial guidance and price comparison platform, asked the current UK investing public about their attitudes to cryptocurrency. The study found that nearly two-thirds of current retail investors actively have money in crypto right now.

While cryptocurrency has seen its fair share of controversy over the years, the study suggests it still maintains a high amount of credibility among investors. Just over two-thirds (67%) of current UK investors believe that cryptocurrency is a form of investment as legitimate as stocks and shares in an ISA.

When it comes to the amount invested, one in six (15%) respondents said they have over ยฃ2,000 currently invested in cryptocurrency, and over two-thirds (37%) currently have over ยฃ1,000 invested.

As to why people got into crypto investing in the first place, one in five (20%) said they were influenced into getting into crypto after a finance professional told them it was a good idea. The majority (55%) first started investing after a recommendation from a friend or family member, and just under a quarter (23%) were persuaded through a social media influencer.

While cryptocurrency might not be most peopleโ€™s main investment, about one in five (21%) UK cryptoholders have said that they made more money through virtual currency than through traditional investments. Furthermore, nearly a quarter (24%) of crypto investors trust it more than its traditional counterparts.

Andrew Michael, investment expert at Forbes Advisor, said: โ€œDespite the undoubted ups and downs that crypto has been through, from both a volatility and credibility perspective, it’s interesting to see the proportion of investors who remain committed to virtual currencies.โ€

“Our findings also suggest that professionals working in more traditional areas of finance are making crypto-based recommendations aimed at the average retail investor. One in five is a significant minority in relation to a form of investment and speculation that the UK’s financial watchdog is continually at pains to warn consumers about.”

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