Public awareness of cryptocurrencies is increasing
A new research note published by the UK’s Financial Conduct Authority (FCA) has shown that there is an increase in public awareness regarding cryptocurrencies in the United Kingdom. The result was obtained after in-depth research into the cryptocurrency market over the past year.
According to the FCA’s research note, the profile of cryptocurrencies has risen over the past year, with 78% of adults now admitting they have heard of cryptocurrencies. This is a marked improvement from the 73% of the adults recorded last year.
The FCA said, “Overall, public awareness and our estimate for ownership is up to around 2.3 million, up from around 1.9 million in 2020 – and 78% of adults have now heard of cryptocurrencies. For this year’s study, the UK population was taken to be approximately 52 million, while in 2020 it was taken to be around 50 million.”
The number of people that have heard of cryptocurrencies has been increasing since the FCA began this research two years ago. In 2019, only 42% of the respondents heard of cryptocurrencies. However, the figures went up to 73%, probably thanks to the market rally and the global pandemic that drew more attention to the cryptocurrency industry.
Amongst the cryptocurrencies, Bitcoin is the most popular, and it is also the one with the highest percentage of awareness. Bitcoin’s public awareness level stands at 82% in 2021, followed by Bitcoin Cash (21%) and Ethereum (14%).
Although the traditional media hasn’t always been a fan of cryptocurrencies, they have helped in propagating it. When asked where they first heard about cryptocurrencies, 27% of the respondents said from traditional media outlets like TV, newspaper and the radio. This is higher than the 22% from online news outlets and 17% from social media.
More UK citizens now own cryptocurrencies
Cryptocurrency ownership in the UK has also increased over the past year. “Our estimate for consumers holding cryptocurrency has risen to 2.3 million – from 3.9% to 4.4% of adults,” the research note added.
Another interesting fact from the survey is the change in the way most people now view cryptocurrencies. Per the research, consumers are now less likely to cite cryptocurrencies as a gamble. Instead, most of them now see cryptocurrencies as an alternative or complement to mainstream investments.
The FCA added that the cryptocurrency market could continue to grow as more than half of the respondents intend to buy more.