According to a study by Oxford Risk, 21% of UK investors rate their knowledge of cryptoassets as “bad or nil”.
1,036 UK cryptocurrency investors took part in the study. According to Oxford Risk, 36% of respondents reported that they had little or no knowledge of the industry when they first bought cryptocurrency. At the same time, 21% of respondents said that they still rate their knowledge as “bad or zero”, even after buying cryptocurrencies.
The survey results also show that the British are very cautious in their investments in cryptocurrency: 81% of those surveyed started investing in the sector with small amounts. Three quarters of respondents (76%) invested less than 5% of their savings, and 41% invested less than 1%.
According to a study by the UK Financial Conduct Authority (FCA) in March, “the thrill of investing” and “status based on a sense of ownership” are driving young people to invest in cryptocurrency and forex markets.
In recent weeks, several UK banks including Nationwide, Barclays and Natwest have placed restrictions on cryptocurrency-related transactions. The banks’ actions were preceded by a statement by the FCA, which warned the management of the cryptocurrency exchange Binance that the site could not carry out regulated activities in the country.