A survey that was conducted by D-CYFOR (a UK based market research business) has claimed that 93% of UK adults have heard of Bitcoin (BTC). This number is up 2% since November 2017, showing good progress in the awareness of Cryptocurrency.
However, the study also shows that almost two-thirds of those surveyed believe BTC will decrease or collapse in value over the next 6 months. 29% of these were people who thought BTC would collapse in value. On top of this only 2% of people would say that cryptocurrency is the “best long-term investment,” with housing coming out on top (45%).
The issue it seems does not appear to be regulation, as only 33% would be “more likely” to invest in cryptocurrency if the government regulated exchanges. 56% said they would not be more likely if the government increased regulation.
The most interesting statistics are of those who have invested in cryptocurrency, as only half of them would consider investing in cryptocurrencies that aren’t Bitcoin. This is up since January, but only by 2%. The other coins people would invest in are mainly Ethereum (ETH) (20%) and Bitcoin Cash (BCH) (14%).
So, therefore, Britain has seen a small increase in awareness of Bitcoin and cryptocurrency, however, this has not been matched by an increase in trust. It seems as though the younger you are, however, the more likely you are to support cryptocurrency. Millennials were the only group to support a Bank of England Crypto at 53% support.
It will be interesting to see the results next time they do the survey. We may see the results more in favor of cryptocurrency, as mainstream adoption starts to take place. 1002 adults participated in the survey and were completed online.
Not too surprising given the recent declines from the high. As long as regulation is uncertain and price remains volatile, many will steer away given the risk adverse attitude of most generations.
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