An estimated 1.9 million U.K. residents hold digital assets, according to FCA study
June 30, 2020, 11:23AM EDT
1 min read
A market research note published Tuesday by the Financial Conduct Authority (FCA) estimates that 3.86% of the U.K. population owns cryptocurrencies.
"We estimate 3.86% of the general population currently own cryptocurrencies. This amounts to approximately 1.9 million adults with the U.K. population (over 18) taken to be approximately 50 million," the report's authors wrote. Other findings include the assessment that "[t]echnical knowledge appears high among most cryptocurrencies owners" and that "75% of consumers who own cryptocurrencies hold under £1,000."
"Of those who purchase cryptoassets, 83% do so through non-UK based exchanges," the FCA's release also highlighted.
The findings are notable given that they provide a snapshot of-sorts as to the degree of crypto ownership within the U.K. The FCA said that it drew from YouGov's resources and the participation of 2,681 online participants.
"This FCA report reveals the increasing popularity of cryptoassets among the U.K. consumer population and underlines the importance of our work to gain a deeper understanding of this market and how people interact with these assets," Sheldon Mills, the FCA's interim executive director of strategy and compliance, said in a statement.
From the removal of many Russian banks from SWIFT to a seemingly constant flow of new sanctions, Russia’s invasion of Ukraine has left many to wonder: Is the country likely to lurch towards cryptocurrencies? And if so, what does this mean for businesses that are holding and/or using crypto? Crypto and sanctions evasion Although crypto […]
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
Mike Novogratz, the billionaire CEO of crypto investment manager Galaxy Digital, opined on the recent crisis in the Terra blockchain ecosystem, which saw the market collapse of both the LUNA token as well as the algorithmic stablecoin UST.