New research shows that Britons increasingly want to invest in cryptocurrencies rather than in traditional equities and equity investments.
A poll by the British investment company AJ Bell found that 7% of adult UK respondents reported buying cryptocurrency in the past year, compared to 5% who have invested in equities and invested in ISA (Individual Savings Accounts). ISA for stocks and shares is a type of savings account that allows users to invest without paying income or capital gains tax.
The survey was conducted by Findoutnow to track online marketing surveys and asked 1269 respondents. Leith Khalaf, financial analyst at AJ Bell, commented that the results contradicted popular beliefs:
“When more people buy cryptocurrency than invest in the stock market, you have to conclude that the cryptocurrency world is going crazy.”
The survey showed that cryptocurrency investors were predominantly male: less than 35 and 71% of them said they bought cryptocurrencies, claiming to have earned and 12% reported losses last year. Surprisingly, 17% said they did not even know if they made their investments in cryptocurrency or lost them.
The survey appears to be in contrast to a study conducted by the British Parliament’s Street Research Center in March, which found that 52% of the 2000 respondents to this survey expressed a greater likelihood of investing in the stock market and traditional assets such as gold than in cryptocurrency. . while thirdly they say they do not want to invest in cryptocurrency because they think they have already “missed the boat”.
British financial portal ThisisMoney reported that analyst A.J. Bell said a new study found that young people trust the understanding of cryptocurrency more, but are still skeptical about it personally: “It definitely seems like some consumers are jumping all the way with cryptocurrency. before we learn to swim in shallow water. ”
Khalaf recommended investing in a diversified portfolio that will not be overly affected by cryptocurrencies, adding:
“The profile of young buyers of cryptocurrencies indicates that they may have accumulated slightly more assets and could severely damage their economy. The cryptocurrency market is deteriorating.”
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The analyst commented on Elon Musk’s impact on the bitcoin markets, noting some of his recent tweets saying they “are not an indication of a broader business approach to bitcoin.”
The British agency Express reports that data from HMRC (Her Majesty’s Revenue and Customs) released last week is another sign that the current cryptocurrency investment is not showing signs of slowing down.