A new study from the UK Financial Conduct Authority shows significant growth in cryptocurrency ownership in the country.

On Thursday, the FCA published consumer survey results that showed that 2.3 million adults in the UK now own cryptocurrencies, up from 1.9 million last year. Along with the growing number of cryptocurrency investors, the study also found an increase in the size of the holdings, with the average holding size increasing to £ 300 ($ 420) from £ 260 ($ 370) in 2020.

The growing popularity of owning cryptocurrencies is in line with the growing level of awareness: 78% of adults said they have heard of cryptocurrency, up from 73% last year.

Source: FCA
Despite the growing awareness and ownership of cryptocurrencies, the FCA study showed a significant decline in the understanding of cryptocurrencies, suggesting that some people who have heard of cryptocurrencies may not fully understand them.

According to the report, only 71% of respondents correctly identified cryptocurrency from the data list, which is 4% less than in 2020. “This indicates that there may be a risk that consumers will interact with cryptocurrency without a clear understanding of it.” Please note FCA.

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Some UK investors have benefited from the beef market this year, said Sheldon Mills, CEO of Consumer and Competition FCA. “However, it is important that customers understand that since something is not going wrong, they are unlikely to have access to FSCS or the Financial Ombudsman Service,” he added.

The FCA study also states that UK consumers have a strong preference for Bitcoin (BTC) over other cryptocurrencies, with 82% of respondents accepting BTC. The study says that of those who were familiar with at least one cryptocurrency, only 70% recognized Bitcoin, which is 15% more than in 2020. “It seems likely that many of the adults who have now heard of cryptocurrency only know Bitcoin,” he said. the study. … …