The vast majority of UK consumers are still largely clueless about cryptocurrencies, and only a few of those who have invested in these have actually completed “deep research” before purchasing, according to a new consumer research produced by Kantar TNS and released[1] earlier this week by the Financial Conduct Authority (FCA), the UK’s financial regulatory body.
73% of UK consumers surveyed don’t know what a “cryptocurrency” is or are unable to define it. Those most aware of them are likely to be men aged between 20 and 44.
The FCA estimates that only 3% of consumers surveyed have ever bought cryptoassets. Of the small sub-sample of consumers who have bought cryptoassets, only 8% conducted research beforehand and over one in three have never checked the value of their cryptocurrency since purchasing.
“The results suggest that although cryptoassets may not be well understood by many consumers, the vast majority don’t buy or use them currently,” said[2] Christopher Woolard, the FCA’s executive director of strategy and competition. “Whilst the research suggests some harm to individual cryptoasset users, it does not suggest a large impact on wider society.”
“Nevertheless, cryptoassets are complex, volatile products – consumers investing in them should be prepared to lose all of their money,” Woolard warned.
Of the consumers who have not purchased any cryptocurrencies so far, only 7% would consider it in the future.
A separate research[3] produced by Revealing Reality and also commissioned by the FCA found that consumers’ skepticism about mainstream news, their wider attitudes to life, and
