The number of cryptocurrency investors in the UK has gradually increased to three million, but a study shows that only 5% make any profit and know what they are doing.
A report by London-based IW Capital investment group reveals that 38% or 20 million Britons have no idea what cryptocurrency is or how it works.
“Despite a widespread dearth of knowledge surrounding this particular asset class, disconcertingly, one in 20 Brits – about 2.5 million – have invested in cryptocurrency without fully understanding it, with only 5% having taken advice from a financial adviser when investing in cryptocurrencies,” reveals the report.
“The data reveals that, fundamentally, Brits do not have enough information or knowledge on the topic of cryptocurrency. In fact, many have no knowledge about the subject whatsoever.
“Only 5% of those who have invested in cryptocurrency have made financial gains. 11.5 million have failed to make a financial gain when investing in a cryptocurrency.”
Only 7% of Brits believe cryptocurrency is more valuable than stocks and shares, according to the report, which suggests the range of sentiment among Brits goes from having no confidence in crypto to a complete understanding of crypto and that the Bitcoin bubble will burst shortly.
IW Capital CEO Luke Davis added: “It is shocking, but not surprising, to see so much confusion around the topic of cryptocurrency. I do not believe this is a reflection of UK investors’ risk profile, as a positive appetite for alternative finance remains, but to see that investments have been made without the proper financial advice and a lack of facts and education is very concerning.”
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