UK investment firm AJ Bell organized a survey which showed that 7% of British adults acquired crypto in 2020 but only 5% invested in stocks and shares ISAs.
Online market research tracker Findoutnow was in charge of the survey. The survey had 1,269 respondents.
Laith Khalat, a financial analyst at AJ Bell, declared that: “When more people are buying cryptocurrency than investing in a stock market Isa, you have to conclude the world’s gone crypto crazy.”
According to the pool, most crypto investors are male and under the age of 35. 71% of those who acquired crypto declared that they had also registered a profit, while 12% declared that they were at a loss. For a worrying but hilarious statistic, 17% of people confessed that they didn’t even know if they had registered a profit or loss with crypto.
This survey contradicts the one made by the UK think tank Parliament Street in March which showed that 52% of the 2,000 respondents were more likely to invest in traditional assets and in the stock market than in crypto. A third of them also declared that they wouldn’t invest in crypto because they felt that they had already “missed the boat.”
UK finance outlet ThisIsMoney commented: “It certainly looks like some consumers are jumping into the deep end with cryptocurrencies, before learning how to swim in shallower waters.”
Meanwhile, Khalaf advised people to have a diversified portfolio so they won’t rely just on crypto: “The youthful profile of crypto buyers suggests they may have accumulated few assets so far and could find their finances seriously damaged if crypto markets take a turn for the worse.”
Khalaf also mentioned that Elon Musk’s influence over the Bitcoin market “is hardly a measure of wider business sentiment towards Bitcoin.”
Source: CoinTelegraph.com