- UK cryptocurrency ownership has grown by 2.35%, equivalent to 1.1 million adults, in the last year
- The number of UK adults who have heard of cryptocurrency has more than doubled
- The average UK crypto holder is a 38 year old male with around £260 in holdings
The Financial Conduct Authority (FCA), the UK’s financial governance body, has revealed that approximately 1.1 million more people own or owned cryptocurrency in the UK compared to last year. The statistic represents a 2.35% increase compared to 2019 levels, with some 2.6 million people in the UK having exposure to digital assets in the last year. Across all metrics, the FCA cryptocurrency review found that cryptocurrency ownership and understanding is growing rapidly, illustrating that the efforts of educators are finally making headway in the space.
UK Cryptocurrency Knowledge and Ownership Up
The FCA’s 2020 report on UK cryptocurrency habits shows a clear increase in cryptocurrency exposure in the UK in the last 12 months. In their 2019 survey, the first of its kind by the authority, the FCA found that some 3% of UK adults were likely to own or have owned cryptocurrencies, equating to some 1.53 million people, with the average spend being £200 ($250).
Just a year later that figure has risen to 5.35%, equating to an additional 1.1 million adults being exposed to digital assets. This is a huge achievement for the UK cryptocurrency industry in itself, but there are other pointers that Brits are getting into crypto groove – last year 58% of respondents had never heard of cryptocurrencies, whereas this year the number has more than halved to 27%. This means that 73% of the adult British population are aware of cryptocurrencies, something that would have been inconceivable just a couple of years ago.
Men Aged 35+ Typical Crypto Owners
The report also offers an interesting insight into the demographics of British cryptocurrency holders. 79% are male and 69% are over 35, skewing the idea that the younger generation are the biggest crypto fans, probably down to this age group having more disposable income. The typical value held by UK cryptocurrency owners has increased compared to last year but still remains low – 50% hold £260 worth of digital assets or less, with higher income households likely to hold larger amounts.
Unsurprisingly, the media was heralded as the main reason why respondents’ awareness of cryptocurrencies has increased. Given this, it is pleasing to note that the negative bias mainstream media usually gives cryptocurrency has not had a concurrently negative effect on desire for those readers to experiment with it.