Data: 2.3 million UK adults now own cryptocurrency assets, up 10.5% from last year

The UK financial regulator reported a positive attitude towards cryptocurrencies, with 38% of investors considering their crypto holdings a gamble, compared to 47% last year. Additionally, only 11% regretted buying cryptocurrencies, compared to 15% last year.

The UK Financial Conduct Authority (FCA) has released a detailed report on cryptocurrencies, noting that more and more people are investing in cryptocurrencies.

According to the country's financial regulator, an estimated 2.3 million adults (4.4%) in the UK now hold cryptocurrency assets, up from 1.9 million last year. Bitcoin is the most common asset at 66%, followed by Ethereum (35%), Litecoin (21%), Ripple (18%) and Bitcoin Cash (15%). Overall, 78% of adults have now heard of cryptocurrency assets, up from 73% last year.

“Today’s cryptoasset report from the FCA paints an interesting picture of how the UK cryptoasset market has developed over the last year,” said Dan Moczulski, UK country manager and head of business development at multi-asset investment and trading platform eToro. “The figures show that it has become truly mainstream in the UK.”

The study found that more than half of those who have already invested said they would continue to buy, or even more. In addition, few people regretted buying cryptocurrencies, dropping from 15% last year to 11% currently.

The FCA study further noted that investor attitudes towards cryptocurrencies are changing, with 38% of investors now considering their crypto assets a gamble, down from 47% last year. In addition, it found that approximately 14% of cryptocurrency buyers surveyed said they borrowed money to invest.

British regulators have also issued a warning, saying these investments are unregulated and "if consumers invest in such products, they should be prepared to lose all their money."

One in ten people who have heard of cryptocurrencies said they were aware of the consumer warnings on the FCA’s website. While the majority of consumers acknowledged that cryptocurrency investments were not protected, 12% of cryptocurrency users disagreed.

The report states, “The 2021 study was conducted amidst heightened public interest and media coverage, as well as continued growth in the cryptocurrency market, including high cryptocurrency prices. This follows broader market participation by financial services firms and significant institutional investment. Given these trends, it is not surprising that our research shows an increase in both ownership and awareness.”

Bitcoin is currently trading at around $39,000, down 40% from its all-time high in April. The total size of the cryptocurrency market is about $1.65 trillion, down nearly $1 trillion from its peak of $2.55 trillion last month.

While the cryptocurrency market expects that the space will mature with the entry of institutional investors and thus experience shallower and shorter bear markets, billionaire investor Mark Cuban recently called out the current market dynamics as having greater disadvantages than the dot-com boom.

“We always talk about a crypto winter or a big drop in prices. We haven’t seen anything yet,” he said. “There’s a lot of competition in every category, but it’s really a zero-sum game. Maybe one big winner, a couple of close second-place guys, and then the other 90% go bust.”

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