FCA Survey: 73% UK consumers don’t know what cryptocurrency is

UK’s financial watchdog, the Financial Conduct Authority (FCA) polled 2,132 British consumers in association with London-based market research firm Kantar TNS, where they found out that:

• 73% of the consumers don’t know what a cryptocurrency is.
• Those who are aware of cryptocurrencies are likely to be men aged between 20 and 44.
• Only 3% of the people surveyed had ever bought cryptocurrencies.
• Of the people who purchased, 50% bought Bitcoin while 34% bought Ethereum.

Christopher Woolard, the FCA’s Executive Director of Strategy and Competition, commented:

“This research gives us evidence we haven’t had before about how consumers interact with cryptoassets. This will help us ensure we are acting on evidence as we seek to protect consumers and market integrity. The results suggest that although cryptoassets may not be well understood by many consumers, the vast majority don’t buy or use them currently. 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.”