A new survey suggests that Brits are more likely to invest in cryptocurrencies than in traditional stock and equity-based investments.
A survey by UK investment firm AJ Bell found that 7% of UK adults reported having bought cryptocurrencies in the past year, compared to 5% who invested in stocks and shares ISAs (individual savings accounts). A stocks and shares ISA is a type of savings account that allows users to invest without paying income or capital gains tax.
The survey was conducted by online market tracking tool Findoutnow and surveyed 1,269 respondents. Financial analyst at AJ Bell, Laith Khalaf, commented that the results refute common beliefs:
"When more people buy cryptocurrency than invest in an Isa exchange, you have to conclude that the world has gone cryptocurrency crazy."
The survey found that crypto investors are predominantly male and under 35, and 71% of those who said they bought crypto assets claimed to have made a profit, while 12% reported a loss in the past year. Funnily enough, 17% said they didn't even know if they had made or lost through their cryptocurrency investments.
The survey seems to contradict research from UK think tank Parliament Street in March, which revealed that 52% of the 2,000 respondents in that particular survey expressed that they were more likely to invest in the stock market and traditional assets such as gold than in crypto, with a third saying they would not invest in crypto because they felt they had already "missed the boat."
