Since the inception of Bitcoin (BTC) over a decade ago, there have been many new cryptocurrencies that have created a stir in the market. However, according to a survey conducted by the U.K.’s Financial Conduct Authority (FCA), Bitcoin still remains to be the best-known cryptocurrency in the United Kingdom,
The report has both good and bad news for the crypto community. On one hand it claims that more than half of the country’s investors have chosen to invest in Bitcoin, but on the other hand it states that the general awareness regarding digital assets is relatively low.
The study showed that out of the 2,100 investors who participated in the study, 70% said that they either hadn’t heard of cryptocurrency or they would not be able to explain what it was. 1 in 10 out of the remaining 30% who claimed to know about crypto, had actually ever bought some according to the FCA.
The survey also revealed that most people view it as a risky investment, but 71% of those respondents said that it was a risk they were willing to take. 31% of them who had invested, only did so as a gamble, and 30% had purchased crypto as a part of their big term investment portfolio.
Anthony Broderick, analyst and media editor at CoinSchedule, a cryptocurrency data provider, said:
“If as an industry we can work to educate consumers on the benefits of cryptoassets, relative to legacy systems, and address the issue of trust then there is significant potential to create a new (and inclusive) financial system backed by cyptoassets.”
Bitcoin clearly emerged as the most popular virtual asset, but Ether (ETH) did quite well too. One in three of survey respondents had bought Ether. Other altcoins like Litecoin (LTC), XRP and Bitcoin Cash (BCH) were all tied, and 20% replied that they had bought these assets.