The United Kingdom Financial Conduct Authority (FCA) has published two survey reports concentrating on the UK consumer’s attitudes to cryptocurrency. They have taken interviews for this research survey and the results come out is totally shocking that only 8% of the consumer fully understand ‘what actually is cryptocurrency and have done intense research before investing and trading in cryptocurrency and 73% of them doesn’t really understand cryptocurrency.
The agency conducted a survey of 2,132 consumers, including men aged between 20 and 44. The interviewees were unable to term the definition of the cryptocurrency. The estimation of FCA on reports is that only 3% of interviewed consumers have invested in cryptocurrencies. 31% of the consumers stated they bought cryptocurrency and it’s a game of gaining and losing.
The other research committee was summoned by FCA to do further interviews of 31 people who have bought cryptocurrency and the Revealing Reality’s reports come out as the 31 people have said that they bought the cryptocurrencies to get rich quickly. The report further revealed that interviewees misjudged their knowledge of cryptocurrency at the time of investment. This can be explained as some of the consumers wanted to buy the whole coin, without knowing that it is not an actual coin and it can be bought infractions also.
The people who bought cryptocurrencies usually spent $200 GBP ($263 USD). The major crypto, as assumed, was Bitcoin (BTC) and 50% of people purchased it. The 34% of the consumer have purchased Ethereum (ETH) and other consumers bought the other cryptocurrencies in the market.
After the results of this report and seriousness of the situation the Executive Director of Strategy and Competition at the FCA Christopher Woolard gives a statement, “This research gives us the evidence we haven’t had before about how consumers interact with crypto assets. This will help us ensure we are acting on evidence as we seek to protect consumers and market integrity. The result suggests that although crypto assets may not be well understood by many consumers, the vast majority don’t buy or use them currently.”