A new study has revealed which cryptocurrencies British investors prefer. According to the findings, while Bitcoin (BTC) is the most preferred, these altcoins are among the preferences of individual investors.
Only one in ten UK investors buys Bitcoin and altcoins
According to a new study from BanklessTimes.com analysts, Brits are still skeptical about investing in cryptocurrencies despite its growing popularity around the world. This inference is corroborated by another recent report that only 10% of British investors buy cryptocurrencies.
The picture gets even more bleak when British people with £100,000 worth of investable assets are analyzed, with only 3% seeing cryptos as viable investments. Meanwhile, 35% prefer to keep their cash in savings accounts. Another 21% prefer UK stocks and stock markets, while 19% prefer residential real estate investments.
Additionally, the low enthusiasm of British investors towards cryptocurrencies may be due to the lack of knowledge about cryptocurrencies. The BanklessTimes.com data presentation shows that only 20% know someone who has bought cryptocurrencies before, while 66% have never bought it.
As with many things related to finance, knowledge is critical when it comes to successfully investing in cryptocurrencies. Those who do not understand how they work may be uncomfortable investing money in them. Also, as this market is new, guidance on how to invest wisely and the legal issues surrounding it may be limited.
British investors prefer these cryptocurrencies
Bitcoin (BTC) remains the undisputed champion of cryptocurrency when it comes to brand awareness among British crypto enthusiasts. According to an online study, Bitcoin was recognized by 76% of respondents, followed by Ethereum (ETH) and Dogecoin (DOGE) with 33% and 32%, respectively.
However, it is also worth noting that while current levels are low, public opinion about cryptocurrencies may change depending on factors such as regulatory changes, security advances or increased use cases. These will increase their purchase by proving that cryptocurrencies are valuable investments over time.
It wasn’t all that surprising that Bitcoin was popular in the UK. King crypto has wide acceptance worldwide, reliable trading history and a secure Blockchain network. However, altcoins including ETH and DOGE are rapidly gaining momentum due to their unique features such as smart contract capabilities and better transaction times.
Why are investors nervous?
There has been a significant drop in the crypto market in recent times, which may explain why more people are being discouraged from investing in cryptocurrencies due to fears about price fluctuations. Bitcoin, for example, has lost almost 50% of its value since its peak in late 2021. cryptocoin.com We have included the destruction caused by FTX in this article.
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