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A new survey suggests Britons have become more eager to invest in cryptocurrencies than in traditional stocks and equity-based investments.
British investment firm AJ Bells survey found that 7% of UK adults surveyed said they had bought crypto in the past year, compared to 5% who invested in stocks and savings accounts. individual (ISA). A stock ISA is a type of savings account that allows users to invest without ever paying income or capital gains tax.
The survey was conducted by online market research tracker Find Out Now and interviewed 1,269 respondents. Laith Khalaf, financial analyst at AJ Bell, said the results overturned common perceptions:
When more people buy cryptocurrency than they invest in an Isa stock market, you have to conclude that the world has gone crypto crazy.
The survey found that crypto investors are predominantly male and under the age of 35, and 71% of those who said they bought crypto assets said they made a profit, while 12% said they suffered a loss. loss over the past year. Oddly enough, 17% said they didn’t even know what they had done or lost with their crypto investments.
The survey appears to contrast with research by UK think tank Parliament Street in March which found that 52% of 2,000 people polled in that particular survey said they were more likely to invest in the stock market and assets. traditional ones such as gold than in crypto, with a third stating that they will not invest in crypto because they believe they have already missed the mark.
UK Financial Selling Point This is Money reported that analyst at AJ Bells said new research has shown young people are more confident in their understanding of cryptocurrencies, but Khalaf remained skeptical of them personally, he said. It certainly seems that some consumers are going deep into cryptocurrency, before learning to swim in shallow water.
Khalaf recommended investing in a diversified portfolio that is not overexposed to crypto, adding:
The young profile of crypto buyers suggests that they may have accumulated few assets so far and could see their finances seriously damaged if the crypto markets deteriorate.
Related: UK Bank Starling To Resume Crypto Exchange Deposits In Late June
The analyst commented on Elon Musk’s influence on the Bitcoin markets, referring to some of his recent tweets and stating that they are hardly a measure of the broader commercial sentiment towards Bitcoin.
The UKs Express reported that data from Her Majestys Revenue and Customs released last week is another sign that the current cryptocurrency investment frenzy shows no signs of slowing down.
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