- The UK Monetary Conduct Authority (FCA) has printed a report on cryptocurrency adoption
- About 5% of the UK inhabitants owns cryptocurrency, and 78% of the inhabitants has heard of Bitcoin
- Bitcoin is the best-known coin. Surprisingly, Libra got here in at second amongst altcoins
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By far, Bitcoin has the strongest model recognition amongst cryptocurrencies, in accordance with a new report from the UK’s Monetary Conduct Authority. The report surveyed over 2,200 customers and 658 cryptocurrency house owners to seek out out about individuals’s crypto funding habits.
Bitcoin Leads the Pack
The FCA requested customers about which cryptocurrencies that they’d heard of. Bitcoin was by far the best-known cryptocurrency: 78% of respondents have heard of it.
Surprisingly, Fb’s Libra was extra widespread than different altcoins. 22% of respondents have heard of it, though it doesn’t but exist and faces regulatory barriers.
The FCA additionally examined exchanges. Amongst respondents, Coinbase was the most well-liked website, utilized by 63% of traders. Binance (15%), Kraken (10%), Bittrex (8%), and Bitfinex (7%) additionally had good utilization amongst United Kingdom residents.
The FCA discovered that 5.3% of the UK’s inhabitants owns cryptocurrency, equal to about 2.6 million individuals. That quantity is up from final 12 months, when 3% of the inhabitants (1.5 million individuals) reported proudly owning crypto.
Crypto house owners have the technical data to grasp the dangers of funding, the FCA says, including that almost all (47%) contemplate cryptocurrency a “gamble.”
Most traders (89%) acknowledged that they don’t have regulatory safety for his or her purchases. 73% of respondents didn’t personal crypto however plan to buy sooner or later and cited an absence of regulatory protections for his or her resolution. 29% of respondents don’t intend to purchase crypto in any respect, however stated that protections would trigger them to rethink.
The report additionally discovered that promoting is essential. 45% of all crypto house owners reported seeing crypto advertisements, and about one-third of these 45% stated that ads made them extra prone to contemplate shopping for crypto.
It ought to be famous that this knowledge displays UK customers and will not generalize to different nations.
Nonetheless, different teams and corporations have run their very own surveys. Paxful has printed surveys on crypto adoption in India and in the U.S. in latest months. In the meantime, Fidelity and Bitwise have printed surveys on institutional funding in cryptocurrency.
Lastly, these stories are likely to concentrate on the notion of cryptocurrency. Surveys reveal little or no about market circumstances and on-chain exercise—an angle that’s left to cryptocurrency analysts.
— to cryptobriefing.com