A survey by EduBirdie has revealed that cryptocurrency is the second most popular “fast cash” choice for Brits looking for alternative income sources during the pandemic.
The survey examined the experiences of over 2,000 british citizens to evaluate how the pandemic has affected jobs, and the ways people from the UK have adapted to the change in circumstances.
8% of people interviewed stated that they had invested in cryptocurrency, making it the second most popular way to earn money during the pandemic. This was only trumped by the 39% of brits who said they sold their belongings online as a way to make quick money.
The survey also determined that 76% of investors were male, and over half were within the millennial age bracket between 25 and 44 years of age.
While the research undertaken pointed at the fact that half of those investing made less than £500 a month, investment in Bitcoin looks to stay strong in the UK. With positive sentiment accelerating in recent months, another UK survey demonstrated that 74% of investors plan to increase their investment in cryptocurrency this year.
Jesse Cohen, senior analyst at uk.Investing.com commented on the increase in first-time investors increasing during the pandemic:
“The recent surge in first-time novice investors - combined with the flush of ultra-cheap money being pumped into the global financial system by the Federal Reserve and other global central banks around - have found their way into many risk-perceived assets, including bitcoin,”
After a record breaking year for Bitcoin, fueled in part by the pandemic, investorial support is high, and one of the main threats posed to cryptocurrency adoption is thought to be regulatory restriction. Regulatory scrutiny of cryptocurrency across the U.S, Asia, and Europe has increased in line with investment of Bitcoin, and while this varies from country to country, it is likely to impact the way people choose to invest their money.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.