Today, Thursday, the UK Financial Regulatory Authority “FCA” published a research report on users of cryptocurrency.

The FCA revealed that 2.3 million adults in the country now own cryptocurrency.

That number was 1.9 million at the end of 2020.

The report highlights the penetration of cryptocurrencies among ordinary retail investors, and the changing attitudes towards these assets.

The report also shows that 78% of adults in the UK have heard of cryptocurrency, a percentage that has jumped from 73% over the course of a year.

The report also stated that only 38% of survey respondents said cryptocurrency is gambling, down from 47% last year.

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Most of the participants considered cryptocurrency as an alternative investment.

The report highlights the growing interest in cryptocurrency among UK clients.

Sheldon Mills, executive director of consumer and competition at the FCA, told:

The crypto market continued to grow, and some investors benefited from the higher prices.

Understanding cryptocurrencies is declining in the UK:

Despite the positive results carried by the report, there are some worrying results.

Public understanding of cryptocurrencies has declined, with only 71% of survey respondents correctly identifying the definition of cryptocurrency.

The Financial Conduct Authority (FCA) oversees the UK cryptocurrency market and actively issues warnings against the risks of investing in these cryptocurrencies.

Only 10 percent of respondents familiar with cryptocurrency also know the warnings of the Financial Conduct Authority (FCA).

But enthusiasm for cryptocurrencies is clearly increasing as more than half of the respondents have a positive experience of investing in cryptocurrencies, while 11% regret their decisions.

Interestingly, cryptocurrency investments are increasing even though the majority of consumers are aware that cryptocurrency investments are not protected.

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Mills added:

It is important that customers understand that because these products are highly unregulated, if something goes wrong, they are unlikely to be able to access the FSCS or the Financial Ombudsman service.

If consumers invest in these types of products, they should be prepared to lose all of their money.

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