FCA says that crypto awareness in the UK has risen, but understanding has fallen. The United Kingdom’s Financial Conduct Authority’s new study indicates a significant increase in cryptocurrency ownership. FCA published the results of the consumer survey on Thursday.
Survey
The survey found out that 2.3 million adults in the UK now hold crypto assets. This is much more than 1.9 million last year. Alongside the increasing number of crypto investors, the study also identified a surge in ownership volumes.
Median Holdings
Moreover, the median holdings rise to 300 pounds from 260 pounds in 2020. This cryptocurrency popularity rise comes with an uptick in the awareness level. The awareness of crypto has increased from 73 % last year to 78%.
FCA study
However, the FCA study also flagged a notable decline in understanding of cryptocurrencies. FCA suggests that some people have just heard about crypto, and they do not fully understand it. This shows that there may be a risk of consumers getting engaged with cryptocurrency without a clear understanding.
Bitcoin
UK financial advisors shun crypto and meme stocks. FCA study also found out that UK consumers significantly favor Bitcoin over other cryptocurrencies. In addition, 82% of the survey respondents recognized Bitcoin. Those who know cryptocurrency are only acquainted with Bitcoin.
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