42% of Brits believe it is safe to invest in cryptocurrencies
The survey of 6,070 British residents above 18 showed that more people are open to cryptocurrency investment than before
A recent poll carried out by Piplsay showed that 42% of Britons believe that cryptocurrency investments are safe. There is a long-standing debate, especially in the mainstream media, regarding cryptocurrency investments’ safety.
Over the years, several financial advisors and traditional financial institutions have tried to convince people to stay away from the cryptocurrency market due to its features. However, the market continues to gain adoption as more retail and institutional investors began holding Bitcoin and other digital assets.
31% of Britons don’t think cryptocurrencies are safe, citing the potential for hacking or fraudulent activities as the primary concerns regarding cryptos. However, 27% of the respondents are unsure of the security of cryptocurrencies.
According to the poll results, 23% of the respondents want to invest in cryptocurrencies this year.
Furthermore, more than 40% of the respondents believe that the stock market is as risky as the crypto market. However, 45% of the respondents still think that the cryptocurrency market is the riskier of the two.
A pivotal problem to adoption remains the regulatory uncertainty regarding cryptocurrencies, and 26% of the respondents said this issue was holding them back. Volatility has often been discussed as a significant hindrance to cryptocurrency adoption. However, only 19% of the respondents were concerned about cryptocurrency’s volatility.
Despite the rising popularity of cryptocurrencies, most of the respondents don’t intend to join the market at the moment. 57% of the respondents said they were not interested in investing in any cryptocurrency. Only 20% of the participants had invested in crypto.
Microsoft, Tesla, Visa and Paypal accept or plan to accept crypto as valid payment, and 46% of Britons believe other leading companies like Amazon, Apple and Tesco should do the same.
A key metric in cryptocurrency investment is knowledge of the market. 54% of the respondents said they understood cryptocurrencies, while 46% didn’t understand how they work. The lack of cryptocurrency knowledge by 46% of the respondents shows that there is still a lot to do to educate the masses about the emerging market and the benefits they stand to enjoy.
Piplsay concluded the survey by saying, “About 35% of Gen Zers and Millennials each understand cryptocurrency as compared to 29% of Gen Xers. 39% of Millennials and Gen Zers each think cryptocurrency is safe as compared to 22% of Gen Xers. Meanwhile, 37% of Gen Zers and 27% of Millennials plan to invest in cryptocurrency this year”.
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Hassan Maishera, @KhareemSudlow