Some recent research by the Financial Services and Compensation Scheme revealed that UK consumers are mostly clued up about the risks associated with Crypto...
This research was published in April 2023 and based on a sample of 2300 people, with over 2000 of these having reported knowing about crypto BEFORE the research. The sample was weighted to balance age, gender and region.
Over 90% reported having heard of crypto, but this is unsurprising given that this is basically a survey of people who had heard of crypto already. The survey was conducted online.
More people have heard of BTC than crowdfunding and other Vests...?
I find this surprising, assuming it's valid:
74% of people are aware of BTC, compared to only 40-50% aware of crowdfunding and share dealing....
Meanwhile awareness of NFTs and stable coins is much less than awareness of BTC.
Clearly only around a max of 20% of those who have heard of crypto are in 'deep'.
It's a 50-50 split for would/ wouldn't invest in crypto...
50% say a firm 'no', while others are split between currently do, have done, would do and don't know.
Only 9% currently Vest in crypto!
Only 27% of people have spent more than £1000
The median range of total spent on crypto is between £100 to £1000.
40% of investors are very small-time having spend less than £100.
Scamming is the biggest concern...
Besides this, I find the list of concerns quite encouraging, people are worried about 'sensible' things!
Most people think crypto is high risk
Well given the volality and the rugging they would be right!
But maybe now with the BTC ETFs providing some institutional backing this will change. Not that institutions investing in anything should be a cause for trust to increase, but that seems to be the way things work for some irrational reason!
But people are more sceptical about more government involvement!
Only half welcome FIAT type levels of regulation...
Attitudes to Crypto final thoughts...
Overall I'd say this is some evidence that knowledge levels about crypto are 'getting there' but there is still some confusion, among those who have heard of it!
This survey doesn't really tell us about general levels of awareness about crypto in the UK however because it's unrepresentative, focussing mainly on people who have heard of it already.
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Very interesting that BTC awareness was higher than shares.
It's odd isn't it...? Maybe the sample? Maybe the wording?
That would be wild if these were good figures...
Looking at their research methodology doesn't make me think these figures mean much though.
It's about people in the know already - I did make that clear! Limited I know!
I wonder if, since 90% of them already knew about crypto, some of those folks trolled the survey and intentionally skewed their numbers.
How could more people know about Bitcoin than crowdfunding? That doesn't even seem possible.
HIVE seems to be not popular in UK.
@steevc does a BritList it's stagnant!
It was quite interesting to read that. I'm not surprised that so many people know about Bitcoin, but what surprised me was how little Ethereum is known. People are afraid to invest in crypto because they know little about it.
They never ask me to take part in these surveys!
Probs don't follow the right X accounts!
Oh blimey, so that's a very skewed demographic.
I think it depends where these surveys were done because this does look way lopsided to what we have seen before.
Yeah the sampling on this is skewed to crypto users I think.
I saw The Kraken was sending out surveys gathering data about people's private wallets from the UK..
I guess exchanges are a valid way to tap retail but I wldn't take part in that!
There's plenty of misinformation and scepticism about crypto, including amongst some people who are technically literate. I wonder how many of those who used to invest got bitten by scams or just lost money. They may regret it if they sold BTC early on. I never had any so I'm not bothered.
The media tend to just report the scandals. I've not seen much in general media that actually recommends investing in it. I think it can be part of your investments that may pay off nicely, but usual warnings apply about investing what you can afford to lose.
Most surveys I've seen suggest 50-50 up and down.
Not sure about scams. There is one org that surveys regularly I'll dig it out and drop the link in another comment!
The BBC is a great case study for only reporting negstive news.
Once you get below btc it tails off quick!