Two reports highlight the growing appetite for cryptocurrencies in UK, Australia

By: Daniela Kirova
Daniela Kirova
Daniela was born in Bulgaria, grew up in Chicago, and then moved to Michigan to attend the University of… read more.
on Jun 17, 2021
  • 38% of people in the UK see cryptos as a “gamble”, down from 47% last year
  • Nearly one-third of Gen Z own cryptocurrencies in Australia.
  • Adoption still has a long way to go as 20% of Australians don't know what cryptocurrency is.

More Brits are starting to see cryptocurrencies as a lucrative investment rather than mere speculation with ownership of cryptos reaching 2.3 million people in the UK in 2021, reported the Financial Conduct Authority (FCA) on Thursday, cited by Reuters.

Cryptocurrency viewed less as a gamble

Watchdogs like the FCA have issued repeated warnings about lack of regulation, with Bitcoin (BTC/USD) dropping from $64,899 in April to around $40,000 today. Despite declining understanding of the field, people are demonstrating greater willingness to invest in crypto assets.

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In 2020, the number of adults who owned cryptocurrency assets in the UK was 1.9 million. According to an FCA study. The study also found that 38% of people now see cryptocurrencies as a “gamble”, down from 47% last year. In addition, just 13% of cryptocurrency investors hold at least one stablecoin in their portfolios.  

The majority of cryptocurrency investors, the study also found, are professional men over 35.

Growing adoption in Australia

One out of every six Australians (17 percent) owns at least one cryptocurrency, marking an increase of 5 percentage points since the start of 2021, The Australian writes. Breaking down ownership statistics by age found that almost one-third of Gen Z own a cryptocurrency, up from around 16% at the start of the year, according to a survey.

Among those surveyed who don’t own cryptocurrency, 50% of men cited volatility as the biggest obstacle against ownership versus 37% among women.

Finder personal finance expert Kate Browne told The Australian:

Even with Bitcoin’s price falling in recent months, our data shows cryptocurrency adoption in Australia is growing. It’s great that we’re seeing more women and young people choosing to invest in cryptocurrency.

Browne also said there are “thousands of businesses” across Australia that accept Bitcoin as a form of payment and this figure continues to grow.

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