Stagnant prices did not affect crypto investors in the UK. A new study commissioned by Britain's Financial Attitude Authority (FCA) revealed that nearly 2 million UK citizens currently own any cryptocurrency.
On June 30, FCA published the results of a study investigating how UK residents interact with cryptocurrencies. The survey noted that currently 1.9 million people (3.86 percent of the adult population) have cryptocurrencies.
Overall, there was a significant increase in the number of people who bought cryptocurrency at some point. The survey estimates that 2.6 million British citizens own cryptocurrencies - an increase of 1.5 million, or 3 percent, from the previous year. In addition, knowledge of the crypto sector has also improved. While it was stated that 43% of the British have heard of crypto so far in 2019, this figure increased to 73% in 2020. Citizens' awareness of Bitcoin has increased due to the increase in crypto-related advertisements and the interest of the mainstream media.
British predict uptrend in long term
Of the top five cryptocurrencies, Bitcoin is the most popular - that at least 78% of respondents know BTC. Surprisingly, the most known project after Bitcoin is Facebook's Libra. Last year, it was a big event when Facebook said it would take out the crypto money. According to FCA, Libra is the second most known currency in the UK, with 22% followed by Bitcoin Cash (BCH) with 20% and Ethereum (ETH) with 17%.
Another important finding in the survey is that there is a clear rise in cryptocurrency prices in the future. The participants, who already have digital assets, stated that they would hold it in the long term. Approximately 41% plan to continue their investments for at least three years.
46% of UK cryptocurrency holders keep their money on the stock exchange
Crypto owners in the UK buy coins through exchanges, while San Francisco-based Coinbase is used by 63% of crypto investors. Despite being the largest cryptocurrency exchange in the world in terms of volume, Binance ranks second in this survey with 15%.
Regarding the storage, 46% of British cryptocurrency holders are keeping their stocks in the stock exchange they bought. 34% transfer coins to an online wallet and only 24% throw their coins away from the internet and put them in a hardware wallet.
Underline
These figures, provided by the FCA, show that massive adoption of the cryptocurrency has gradually become a reality, albeit slowly. Crypto is gaining popularity as an attractive alternative to the current financial system in the UK, and the numbers that have increased significantly since the previous year's FCA survey proves this.
