The FCA poll indicated, however, that overall comprehension of cryptocurrency is declining.
According to the Financial Conduct Authority, 2.3 million adults in the United Kingdom currently own crypto assets, up from 1.9 million last year.
According to the FCA’s consumer study, awareness of cryptocurrency has expanded in tandem with ownership. Cryptoassets – the regulator’s preferred word – are now known by 78 percent of adults, up from 73 percent previously.
According to the FCA, 38 percent of crypto users regard the assets as a gamble, down from 47 percent last year. At the same time, an increasing proportion considers them as a complement or alternative to traditional investments.
The overall degree of understanding, however, is dwindling. According to the FCA’s survey, only 71 percent of 2,568 online respondents correctly identified the definition of cryptocurrency from a list of phrases.
Sheldon Mills, FCA Executive Director, said in a statement:
“The research highlights increased interest in crypto assets among U.K. customers…If consumers invest in these types of products, they should be prepared to lose all their money.”