The Financial Conduct Authority (FCA) of UK stated on Thursday that ownership of bitcoin and other cryptocurrencies has climbed to 2.3 million adults in the United Kingdom this year, indicating that more people perceive crypto assets as a mainstream investment rather than a gamble.
Bitcoin achieved a peak of roughly $64,899 in April before a sudden decline left it trading around $39,344 on Thursday morning, despite regulators’ repeated warnings about the speculative character of mainly unregulated digital assets.
The FCA said in its fourth investigation into crypto asset ownership that people are increasingly seeing crypto assets as a possible investment, despite a decline in awareness of the sector.
Increasing Cryptocurrencies assets in UK
The number of UK adults who possess crypto assets has climbed rapidly from 1.9 million in 2020, according to the FCA, but the proportion of people who regard them as a gamble has fallen to 38% from 47% over the same period.
According to the FCA, the average holding has increased to 300 pounds ($419.58) from 260 pounds, reflecting price increases, although ownership remains skewed toward professional men over 35 years old.
Over half of cryptocurrency owners think they’ve had a good experience so far and are inclined to acquire more, according to the FCA.
Consumers must recognize that the assets are mostly unregulated, according to Sheldon Mills, the FCA’s executive director for consumers and competition.
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Mills gave some warning by saying that Consumers can expect to lose all of their money if they invest in these types of products.
For the first time, stablecoins like Facebook’s Diem were examined in the latest survey. Stablecoins are tethered to an asset, such as a currency, in order to reduce volatility.
Stablecoin ownership is substantially lower, with 87 percent of cryptocurrency consumers claiming that none of the cryptocurrencies they purchased were stablecoins.
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