With cryptocurrencies taking center stage in the financial industry in recent months, a new survey has revealed that an increasing number of UK residents are considering adding crypto assets to their investment portfolios in the coming months.
UK Adults Consider Buying Crypto
The research was conducted by Ziglu, a UK-based money app, and cryptocurrency platform. CryptoPotato reached out to the firm and learned that the sample size of the survey was 1,011 UK adults above 18 years.
It revealed that about 39% already own crypto, and about 11% of UK adults are contemplating buying over the next year.
Out of the 11%, about 3% (approximately 1.57 million people) are very confident that they would buy crypto for the first time in the coming 12 months. The remaining 8% (approximately 4.2 million people) said that they might do it within the next year.
Varying Motives for Purchasing Crypto
The report further revealed that about 29% of UK adults said that their motive for buying their first crypto is to test this emerging market, while 27% said that their motive for investing in the asset class is because of an expected price increase.
Another 26% revealed that they intend to buy crypto because of the increasing hype surrounding it and its mainstream adoption, while 23% of the respondents disclosed that they would invest because of improving security levels.
About 8% said that they would buy crypto because of encouragement from their loved ones. Other reasons include improving regulations in the industry.
Crypto Going Mainstream
Speaking on the findings,, Ziglu’s CEO and founder, Mark Hipperson said, “Cryptocurrencies are becoming increasingly mainstream… There is a wide range of choice for people in terms of platforms to use, but they should focus on how easy the platforms are for first-time buyers, the fees for small transactions, and in particular security and levels of insurance offered to protect your assets.”
The platform offers its clients access to several crypto assets, including Bitcoin, Bitcoin Cash, Cardano, Ether, Litecoin, Tezos, and LINK.
Meanwhile, as ownership and interest in crypto assets continue to surge across the UK, the country’s regulator, the Financial Conduct Authority (FCA), has issued several warnings to investors noting that they could lose all their money by investing in cryptocurrencies.