According to a survey of 2,300 people by the Gemini trading platform, 18 percent of UK citizens own cryptocurrencies. Of said 18 percent, nearly half made their first cryptocurrency investment last year.
Just last year, the Financial Conduct Authority estimated that between 3.9 to 4.4 percent of Brits had crypto currency. Therefore, the previous twelve months marked a significant surge in crypto investment in the UK. This jump coincides with the increase in cryptocurrencies’ worth in the stock market, with Bitcoin reaching $68,000 in November 2021.
“2021 was transformational for UK cryptocurrency ownership. Confidence in and awareness of crypto has increased dramatically,” said Blair Halliday, managing director for the UK at Gemini.
Gemini founders Tyler and Cameron Winklevoss are former Olympic rowers best known for missing out on Facebook before becoming the first Bitcoin billionaires.
Cryptocurrency Concerns
The Financial Conduct Authority likely finds this increase in investors unsettling as it repeatedly expresses concerns that crypto investors are largely unaware of the risks. Cryptocurrencies of course have a track record of being vulnerable to hacks. In February, a hacker minted $300 million in cryptocurrency from Wormhole. Likewise, Gabe Newell, founder of Steam and metaverse pioneer, has stated that half of all Steam’s Bitcoin transactions were fraudulent.
To counter such worries, Gemini’s Halliday has stated that the company will offer new investors support by providing them with relevant information. “We believe education is the key to enabling wider audiences to safely access and capitalize on the immense opportunities that crypto represents.”.
In a similar study, Gemini surveyed people from 20 countries globally revealing that 41 percent of those owning cryptocurrency made their first purchase in 2021. In the same vein, 41 percent of those that don’t own cryptocurrencies are curious about the market.
Additionally, only 47 percent of the crypto-curious are female, while just a third of cryptocurrency holders in Europe and the United States are women.
Jack Brassell is a freelance journalist and aspiring novelist. Jack is a self-proclaimed nerd with a lifelong passion for storytelling. As an author, Jack writes mostly horror and young adult fantasy. Also an avid gamer, she works as the lead news editor at Hardcore Droid. When she isn't writing or playing games, she can often be found binge-watching Parks & Rec or The Office, proudly considering herself to be a cross between Leslie Knope and Pam Beasley.
