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Report reveals 35% of UK respondents own more than £100,000 in crypto

The latest report from cryptocurrency exchange Cex.io has revealed that 35% of the UK-based respondents own more than £100,000 worth of crypto

A recent report by cryptocurrency exchange Cex.io has revealed that 35% of the UK-based respondents own more than £100,000 in crypto.

The report compiles data collected from 1,013 people – 49% male and 51% female – to learn more about both crypto and non-crypto users’ habits and insights.

Unsurprisingly, the 18-24 age group exhibited a positive perception of crypto. However, out of the entire group, only 9% would classify their knowledge as expert on the subject of cryptocurrency.

People would use crypto for a mortgage if fees were lower

26% of the interviewees said they would use crypto for a mortgage if the fees were lower. However, 32% responded that they didn’t know whether they would use it for mortgage purposes.

75% of the interviewees said they would not be interested in banking with crypto, though 19% claimed they would be if a bank they trust supported it.

87% of the entire group reported that they owned crypto with 52% claiming they first purchased some more than a year ago.

When asked why they owned crypto, 21% replied they were curious about crypto while another 21% said they are simply waiting for their crypto to rise in price.

Interestingly, 25% reported that the approximate GBP value of their crypto is less than £500, while 35% reported their value is more than £100,000.

31% keep their crypto in online wallets

The Cex.io report revealed 43% of the crypto owners hold Bitcoin, while only 18% hold Ether and 19% hold other altcoins.

When quizzed on what is most important when buying crypto, 31% responded saying the security of their crypto is most important. 25% claimed the most important aspect is the ability to use their credit card while 24% said they care most about low transaction fees.

Surprisingly, 31% of the crypto owners questioned store their crypto using an online wallet service, while only 25% of them use a hardware wallet.

Of those who don’t own any cryptocurrency, 33% replied saying they don’t care about it with a further 10% saying they don’t want to invest time into learning about it. Interestingly, only 7% of people responded saying it is too complicated to buy, use, and store it.

However, 28% did respond saying if they understood it more, they would be more encouraged to buy it.

Interested in reading more about crypto survey-related stories? Discover more about an eToro survey which highlighted how 43% of millennials trust crypto more than stocks.

 

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