August 06, 2018 304By Nathan Bentley
“The data reveals that, fundamentally, Brits do not have enough information or knowledge on the topic of cryptocurrency. In fact, many have no knowledge about the subject whatsoever.Despite a widespread dearth of knowledge surrounding this particular asset class, disconcertingly, 1 in 20 Brits – nearly 3 million – have invested in cryptocurrency without fully understanding it, with only 5 per cent having taken advice from a financial adviser when investing in cryptocurrencies.”See more for yourself, here. Overall, investors don’t see Bitcoin as a viable and mature investment option. In essence, there are many other avenues that Brits would rather explore. According to the data, 7% of those surveyed are sure that other cryptocurrencies present a better investment opportunity, so in some cases altcoins are reigning in the UK, though this sample obviously isn’t representative of the general populous. According to Bravenewcoin.com, the CEO of IW Capital, Luke Davis has spoken out about the findings, stating that:
“The statistics were shocking, but not surprising, although a positive appetite for alternative finance remains, to see that investments have been made without proper financial advice and a lack of facts and education is very concerning.”The findings do indeed point towards a lack of education here. Whilst this is problematic for the future of Bitcoin, it also suggests that those few who have invested, have done so without any due care or attention and that many may have invested without carrying out the right research or without seeking the right education beforehand. From the looks of this, and many other surveys, cryptocurrency still has a lot of growing to do in the United Kingdom. This isn’t down to awareness as such, it’s more a problem with the mainstream media, mediating Bitcoin as something to worry about, instead of being something to embrace.