The crypto revolution is still far away: 73% of Britons have no idea about cryptocurrency

A new report from the United Kingdom’s primary financial regulator suggests we’re still a long way from a cryptocurrency revolution. According to the report, only 3 percent of people in the UK have bought cryptocurrency. And an enormous 73 percent still have no idea what crypto is or how to define it.

On the bright side, if you own crypto now, you’re in the 3 percent club. If cryptocurrencies do become mainstream, you got in early. The report, conducted by Financial Conduct Authority (FCA), the UK’s leading financial regulator, surveyed 2,132 respondents. When asked to explain cryptocurrency, 58 percent said they’d never heard of it. 10 percent didn’t know, and 5 percent answered incorrectly.

Many of those who bought cryptocurrencies admitted to a poor understanding of them. 16 percent of crypto buyers said they hadn’t done any research at all. 4 percent researched crypto only after their purchase. We still have a huge education problem in the crypto community. A lack of accessible and accurate cryptocurrency information has led to poor investment decisions and a wariness of crypto in general. According to the report, only 3 percent of the respondents have purchased some form of cryptocurrency. The most popular purchase is bitcoin, which accounts for 51 percent of buyers. Ethereum is second and Litecoin third. Most buyers spent less than £200 ($263) on their purchase which means most haven’t risked a lot of capital.  Despite that, the report concludes that 50 percent have since sold their cryptocurrency in the prolonged bear market. If correct, only a tiny portion of the British population still owns crypto. Of those that do show an understanding of cryptocurrency, they tend to be middle-class males between 20-44 years old.

97% of Brits Don’t Own Crypto, Don’t Plan on Buying Bitcoin Either, CCN, Mar 07