According to FCA investigationThere are 2.6 million people in the UK who have purchased cryptocurrencies.
This is the Cryptoasset 2020 consumer research Published today on the official website of the UK Financial Conduct Authority, the regulator of UK financial markets.
The report is very comprehensive and has been prepared by Rebecca English, Gergana Tomova and Joseph Levene.
The investigation was commissioned by the FCA to obtain information on the size of the cryptocurrency market and identify possible damages. In fact, a first investigation was carried out as early as March 2019, but in a more limited sample. The 2020 research is presented as a quantitative follow-up research on a larger sample of cryptocurrency holders, and in particular transferable but unregulated cryptocurrencies such as Bitcoin (BTC), Ether (ETH), and Ripple (XRP).
The result was the estimated presence in the UK of approximately 2.6 million Britons who at least once in their lives bought some cryptocurrencies or tokens, of which 1.9 million still own them. This represents the 3.86% of the country's adult population, a statistically significant increase of 3% recorded last year.
In addition, 75% of them have cryptocurrencies with a value of at least £ 1,000, and 83% affirm having acquired them through foreign exchanges.
In addition to bitcoiners, the percentage of people who claim to have heard of cryptocurrencies at least once in their lives has also increased significantly, from 42% to 73%. In other words, almost three out of four respondents responded positively to this question.
According to the FCA, the level of knowledge and understanding of potential risks is on average high among cryptocurrency holders, although there is still an 11% who mistakenly believe that cryptocurrencies are covered by consumer protection measures.
For example, research has revealed that the most common reason why British buy cryptocurrencies is bet on a possible increase in its value, with full awareness of risk and volatility.
Another interesting thing is the answers given to the question about the expected duration of cryptocurrency holdings in the portfolio.
The most common response was "I don't know", with 37% of the respondents, but second was "5 years or more", with 32%. Third, but quite distant, it was "3 or 4 years", with 9% of the respondents. Overall, only 15% responded that they did not want to retain them for more than 12 months.
As such, it seems likely that only a small minority of these 1.9 million respondents are merchants, while the vast majority could be headlines.