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What Brits really think about cryptocurrencies

by LLB Reporter
18th Apr 18 7:51 am

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A new poll by D-CYFOR reveals that 93 per cent of the UK general public have now heard of Bitcoin. This represents a 2 per cent increase since the same question was put to them in January 2018 and a 13 per cent increase since November 2017.

The D-CYFOR opinion tracker which measures the public’s attitude towards Bitcoin and Cryptocurrency also reveals that whilst the public’s awareness of Bitcoin is at an all-time high (93 per cent), 56 per cent say that even if the government was to regulate cryptocurrency exchanges they would still not be willing to invest in cryptocurrency whilst 33 per cent said that cryptocurrency regulation would make them “more likely” to invest in cryptocurrency.

The survey also reveals that the majority of the general public (60 per cent) would not support the Bank of England introducing its own cryptocurrency linked to sterling. Whereas millennials (53 per cent) are the only age group that would support a Bank of England backed cryptocurrency.

When the public were asked whether they were optimistic about an increase in the value of Bitcoin, 39 per cent said yes – the same percentage as when the question was last asked by D-CYFOR in January 2018  – which represents a 15 per cent fall in investor confidence from November 2017

The survey reveals that the majority of the public (61 per cent) believe that Bitcoin will either decrease in value over the next six months (32 per cent) or collapse entirely and be worthless (29 per cent). This remains unchanged from January’s 2018 figures whilst continuing to represent a sizeable increase on November’s 2017 figures when only 47 per cent of the public said that Bitcoin would decrease in value or collapse entirely over the next six months.

The survey which also asks about the experience of those that have tried to selltheir bitcoin found that of those that have tried to sell their bitcoin 24 per cent found the fees high, whilst 10 per cent say it took a long time to sell and meanwhile the value of their bitcoin fluctuated. 32 per cent thought it was a straightforward process, 19 per cent thought the process was ok, whilst 16 per cent have not yet tried to sell their bitcoin.

Of those that have already invested in bitcoin, 50 per cent say they plan to keep their investment for under a year. 22 per cent say for more than 5 years and 28 per cent say they don’t know.

In terms of other cryptocurrencies, the opinion tracker found that 50 per cent of those that have invested in Bitcoin or are thinking of investing in Bitcoin would not invest in any other cryptocurrency. This represents a 2 per cent increase from when the question was last asked in January 2018. Of those that are thinking of investing in another cryptocurrency the top choices in order of importance are: Etherium (20 per cent), Bitcoin Cash (14 per cent), Ripple (6 per cent) and Litecoin (5 per cent).

The survey reveals that the general public still see buying property (45 per cent) as the best number one long-term investment, 20 per cent say putting money in the bank, 14 per cent say investing my money in stocks and shares, 13%  say putting money away for my pension, 6%  say investing in gold, 2% say investing in cryptocurrency such as Bitcoin.

This survey forms part of the D-CYFOR tracker series which measures and monitors the evolution of public opinion over time.

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