- Almost a fifth (19%) of those who are currently or considering investing in cryptocurrencies believe they are the future of investing
- One in ten (13%) believe cryptocurrencies will eventually replace fiat currency
- Trust is the biggest barrier to cryptocurrency investment (cited by 37%)
Immediate release 30 April 2018: With interest and debate surrounding cryptocurrencies exploding over the last year, new research from ThinkCoin, reveals one in seven Brits (15%) are considering cryptocurrency investment.
This compares to the 17% of Brits who presently invest on the stock market, suggesting a mainstreaming of cryptocurrencies as an investment option. However, with only 4% of Britons having acted on these intentions and bought cryptocurrencies, there is still progress to be made in public awareness and understanding.
The research revealed that those whose currently invest in or are open to the idea of cryptocurrencies are optimistic about the asset and its future: almost a third of Brits (31%) believe crypto assets will or would net them sizeable returns, whilst a fifth (19%) believe cryptocurrencies are the ‘future of investing’ and will eventually replace fiat currencies (13%). A further quarter (23%) invest or would invest in them for ‘fun’.
Nauman Anees, CEO and Co-Founder ThinkCoin, comments: “It is clear people are beginning to wake up to the huge opportunities cryptocurrencies represent. Investing and trading through traditional channels – via brokers, banks or building societies for example – means consumers are being penalised with fees and complicated T&C’s attached to their investments. Institutions control the flow of information and maintain full control over prices.
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“Cryptocurrencies on the other hand, run on blockchain technology. This improves transparency, makes transactions and access to finances instantaneous, and removes the need for an intermediary like a bank, thereby reducing cost of investment.”
For those who would never invest in cryptocurrencies, the top four concerns are:
- Trusting cryptocurrency (37%)
- Understanding cryptocurrency (36%)
- Concern over security (32%)
- 28% stated they would not ever invest in something that isn’t regulated
Unsurprisingly, consumers continue to be most willing and comfortable investing through more traditional means. Over half (69%) of the UK currently have savings accounts, 44% have Cash ISAs and 34% invest through Building Societies.
The greatest priorities for the UK general public when choosing an investment are ensuring good returns (42%), having trust in the method (39%) and being able to instantly access their money (37%).
Nauman Anees continues “Regulation and trust are clearly paramount to anyone making an investment decision. This data clearly indicates there is a market in the UK and beyond for a cryptocurrency solution that will address these issues – cryptocurrencies may have yet to shake off their ‘Wild West’ reputation, but the mainstream appetite is there. We welcome regulation of the industry, so that cryptocurrencies can become an even more viable, safe, transparent, lucrative, mainstream investment option.”