Despite the crypto boom, 44% of British investors don't know how to buy cryptocurrencies like bitcoin. According to a recent survey, investors cite security risks and the lack of cryptocurrency education as reasons why they don't invest in this promising industry.
The poll, which was commissioned by Coinlist.me, a subsidiary of the Investoo Group, surveyed a set of British investors about their crypto concerns. The survey was prompted by the growing bitcoin movement, a trend which received plenty of attention at this year's World Economic Forum in Davos. High profile CEOs, financial officers, and economists were asked about their thoughts on digital currencies. Overall, their responses were similar to those of the British investors that Coinlist.me polled.
A whopping 88% of respondents stated that they were "unlikely" to invest in cryptocurrency markets in 2018. Half of those said they were turned off by security risks. This result hardly comes as a surprise, especially in light of the recent Coincheck breach.
Welsh investors feel the same way too. 54% of Welsh respondents admit to being unsure how to buy bitcoin, also citing security as a major concern.
What's more, survey respondents also cited the lack of education opportunities as a reason why they haven't put money into bitcoin. The nature of the blockchain technology and cryptocurrencies is more complex than most traditional assets, leading some to be extra cautious.
While the overall survey indicated that cryptocurrencies lack traction in the UK, one group open to the idea is young people aged between 18 and 24. Crypto investing fares best with this group, while the least likely to invest in cryptocurrencies are those aged 55 and above. Only 2% in this age bracket invested in cryptocurrencies.
Along similar lines, just 2% of London residents plan on investing in cryptocurrencies in 2018, while 92% of Scots were skeptical of them. It looks like the UK market will remain heavily slanted towards the younger generations, at least for now.
ICOs, which were extremely popular in 2017, will likely be even more popular this year. Institutional investors, hedge funds, and other investors will have more investment options, especially as education needs are met. David Merry, the founder of Coinlist.me and Investoo Group's CEO, commented with a note of optimism, "Cryptocurrency is still finding its way into the mainstream in terms of the public’s perception, however that is set to change this year."
The poll, which was commissioned by Coinlist.me, a subsidiary of the Investoo Group, surveyed a set of British investors about their crypto concerns. The survey was prompted by the growing bitcoin movement, a trend which received plenty of attention at this year's World Economic Forum in Davos. High profile CEOs, financial officers, and economists were asked about their thoughts on digital currencies. Overall, their responses were similar to those of the British investors that Coinlist.me polled.
Concerns about security issues and lack of investor education:
A whopping 88% of respondents stated that they were "unlikely" to invest in cryptocurrency markets in 2018. Half of those said they were turned off by security risks. This result hardly comes as a surprise, especially in light of the recent Coincheck breach.
Welsh investors feel the same way too. 54% of Welsh respondents admit to being unsure how to buy bitcoin, also citing security as a major concern.
What's more, survey respondents also cited the lack of education opportunities as a reason why they haven't put money into bitcoin. The nature of the blockchain technology and cryptocurrencies is more complex than most traditional assets, leading some to be extra cautious.
Other demographic breakdowns:
While the overall survey indicated that cryptocurrencies lack traction in the UK, one group open to the idea is young people aged between 18 and 24. Crypto investing fares best with this group, while the least likely to invest in cryptocurrencies are those aged 55 and above. Only 2% in this age bracket invested in cryptocurrencies.
Along similar lines, just 2% of London residents plan on investing in cryptocurrencies in 2018, while 92% of Scots were skeptical of them. It looks like the UK market will remain heavily slanted towards the younger generations, at least for now.
Things are still looking up for 2018:
ICOs, which were extremely popular in 2017, will likely be even more popular this year. Institutional investors, hedge funds, and other investors will have more investment options, especially as education needs are met. David Merry, the founder of Coinlist.me and Investoo Group's CEO, commented with a note of optimism, "Cryptocurrency is still finding its way into the mainstream in terms of the public’s perception, however that is set to change this year."