A new poll carried out by Piplsay has found that 41% of Brits now believe there is an equal amount of risk to investing in cryptocurrencies as the stock market.
The survey of 6,070 British residents above the age of 18 suggests that adults based in the U.K. are starting to view cryptocurrency and the stock market on equal footing. That said, 45% of respondents still see crypto as the riskier of the two.
More than 40% of participants described cryptocurrency as being safe compared to 31% who did not, while the remaining 27% of respondents stated they were unsure as to the security of digital assets.
Nearly 30% of respondents cited the potential for hacking or fraudulent activities as their primary concern regarding crypto, while regulatory considerations also raised concerns for 26% of participants. Surprisingly, volatility was less of an issue, with only 19% sharing this concern.
Despite the growing interest in cryptocurrency, the majority of respondents said they are still more likely to stay away from crypto, with 57% of Brits stating they have no desire to invest.
Piplsay’s finding indicate that most Britons have low confidence in their crypto-literacy, with 46% of the participants claiming they don’t understand currency at all.
About 35% of “Gen Zers” and Millennials believe they understand crypto well, with 39% describing digital assets as safe. Around 37% of Gen Zers and 27% of Millennials plan to invest in cryptocurrency this year. By contrast, only 29% of “Gen Xers” believe they understand crypto and just 22% think it’s safe. Around 27% plan to invest this year.
Despite the respondents’ disinterest in crypto speculation, 46% said they think big brands like Apple, Amazon, and Tesco should accept payments in cryptocurrency - Indicating growing demand for crypto as a means of payment.
Youthful adoption of crypto is nothing new, with a survey from the Independent Reserve Cryptocurrency Index (IRCI) finding that in Australia almost 20% of young adults already owned crypto in 2020.
However, another survey carried out by Wirex in partnership with the Stellar Development Foundation on the topic of cryptocurrency adoption in 2021 found that older investors are slowly getting into crypto, with 30% of respondents aged between 45 and 54 stating they use crypto assets - the largest segment of the survey’s 3,834 participants.