According to a new study, about 3 million British investors have put money into crypto through online trading platforms and only 5 percent of them have been advised by professionals. The survey also found that 2.5 million Brits have casually invested in cryptocurrency without fully understanding it.
2.5 Million Holders Do Not Understand Crypto Investment
Millions of Britons have so far invested in cryptocurrencies, although very few of them have sought professional advice, despite the fact that many do not quite understand digital asset investment. The findings came out in a report released by the London-based investment house IW Capital and were quoted in the British press.
According to the research, almost 3 million people in the UK have invested in cryptocurrency using an “e-trading platform” but only 5 percent have consulted a financial advisor before doing so, the online edition of The Daily Express reported. The authors also found that 2.5 million British residents have casually invested in cryptocurrency without fully understanding the investment.
The report further details that a total of 38 percent of those surveyed, a nationally representative sample of 2,007 respondents, admitted they did not understand cryptocurrency and about a third believed it was a bubble set to burst. No data has been provided by the publication about the level of knowledge and awareness among the rest of the polled.
Deficit of Crypto Knowledge and Information
IW Capital notes that there is a lack of knowledge at the heart of cryptocurrency investment. “The data reveals that, fundamentally, Brits do not have enough information or knowledge on the topic of cryptocurrency. In fact, many have no knowledge about the subject whatsoever,” the researchers wrote…