
Coinbase IPO could be a historic meeting of traditional finance and cryptocurrency
The much-anticipated public listing comes amidst unprecedented interest in both cryptocurrencies and stocks.
Read more…Ever since Bitcoin was first invented in 2008, cryptocurrency has quickly grown in popularity – and notoriety.
Find out how many Brits currently own cryptocurrency, how many intend to buy some in the future and the reasons why people are getting involved or staying away.
According to our survey in February 2021, almost a fifth (19%) of Brits say they have bought cryptocurrency before, which is the equivalent of 9.8 million people.
This means that the number of cryptocurrency users in the UK has surged by 558% since the beginning of 2018 when just 3% of the population – 1.5 million people – owned some.
It’s the younger generations who are currently the most keen on investing in cryptocurrency. 4 in 10 (40%) of those aged 18-34 have bought at least one type of crypto, while almost a quarter (24%) of people aged 35-44 have as well.
The amount of people who have owned crypto drops to 12% for people aged 45-54 and 4% for those aged 55 and above.
More men have owned cryptocurrency than women currently, with almost a quarter (24%) of men having bought some, compared to 13% of women.
Age group | Percentage who have bought cryptocurrency |
---|---|
18-34 | 40.4% |
35-44 | 24.1% |
45-54 | 12.3% |
55+ | 3.6% |
We also asked the people who have invested in cryptocurrency when they first bought some and it is clear that interest is growing. A quarter (25%) of all British crypto owners first invested in 2020 and a fifth (19%) of crypto holders first got involved in 2021. This means that 45% of all British crypto holders got involved from 2020 onwards.
In fact, interest has grown fairly steadily year on year. 11% of crypto investors first bought some in 2016 or before, while 11% did so in 2017, 15% in 2018 and 18% in 2019.
Year | Percentage of people who first bought crypto then |
---|---|
2016 or before | 11.20% |
2017 | 10.70% |
2018 | 14.90% |
2019 | 18.40% |
2020 | 25.30% |
2021 | 19.50% |
The growth of cryptocurrency looks set to continue, with a further 11% of Brits saying they plan to buy some in the future. If this were to happen, it would mean that almost a third (29%) of the country would own cryptocurrency.
As with those who have already bought cryptocurrency, the younger generations have a greater interest in buying cryptocurrency for the first time in the future. Of the 18- to 24-year-old age group, a fifth (21%) intend to buy cryptocurrency for the first time in the future. 25- to 34-year-olds are right behind, with 16% intending on investing. This drops to 1 in 10 (12%) for people aged between 35 and 44. This interest in investment continues to drop for the older generations: less than 10% (9%) of 45- to 54-year-olds and 6% of the 55+ generation.
Age group | Percentage who intend to buy crypto for the first time in the future |
---|---|
18-24 | 20.6 |
25-34 | 15.5 |
35-44 | 11.6 |
45-54 | 9.1 |
55+ | 5.9 |
As a result of this trend, the predicted future cryptocurrency ownership* also decreases with age. In the future 6 in 10 (61%) current 18- to 24-year-olds would own cryptocurrency. The following age bracket is only slightly behind, with 56% of 25- to 34-year-olds owning in the future. This figure drops significantly with each consecutive age group.
*The future ownership prediction is based on the current ownership figures added to those who intend to buy crypto for the first time.
Age group | Predicted future ownership |
---|---|
18-24 | 61.00% |
25-34 | 56.00% |
35-44 | 35.70% |
45-54 | 21.40% |
55+ | 9.50% |
The most popular reason why people have already bought, or intend to buy, cryptocurrency is that they believe it is going to be very influential in the future (23%).
This is closely followed by 21% of people who are frustrated with the interest rates for savings accounts and also the fact that buying crypto is now much easier and accessible thanks to the rise in dedicated investing apps and platforms (also 21%).
Other reasons why people are taking the plunge include seeing others get involved and not wanting to miss out (20%), as well as those who are comfortable with the risks involved in their pursuit to make money (20%).
A potentially worrying statistic was that 19% of potential, or existing, crypto investors said a factor behind their decision to invest is that it seems like an easy way to make money. Additionally, around 1 in 6 (16%) said that influential people, such as Elon Musk, talking about cryptocurrency had convinced them to invest.
Reason are people buying cryptocurrency? | Percentage who agree |
---|---|
I believe cryptocurrency is going to be very influential in the future | 22.83% |
I think interest rates in savings accounts are poor so I want to try and get higher returns | 21.29% |
Buying cryptocurrency is more accessible now because of dedicated investing apps and platforms | 21.12% |
More people appear to be buying cryptocurrency now and I want to get involved | 19.59% |
I am comfortable with the risk, considering the potential there is to make money | 19.59% |
Cryptocurrency seems to be an easy way to make money | 19.08% |
I have seen influential people, like Elon Musk, talking about cryptocurrency and I want to get involved | 16.35% |
I have saved more money during the pandemic, so I have more I can invest | 12.95% |
I saw an advert for cryptocurrency | 12.27% |
Other, please specify | 1.70% |
Despite the undoubted increase in interest that cryptocurrency has received, the majority of the population are not planning to invest in this anytime soon. 7 in 10 (71%) said they haven’t invested in cryptocurrency and have no plans to do so.
The main reason given from these people was that they simply have no interest in cryptocurrency (41%), while the second most common reason is that they feel it is too risky an investment (31%).
After a tough year for many as a result of the COVID-19 pandemic, 21% of crypto sceptics said they don’t have any money spare to invest. A further 1 in 5 (20%) also find crypto too complicated to understand.
The fifth most common factor behind those who are steering clear of cryptocurrency is that they actually believe that cryptocurrency is a scam (17%).
Reason people avoid cryptocurrency | Percentage who agree |
---|---|
I am not interested in cryptocurrency | 41.10% |
I think it is too risky | 31.10% |
I have no money available to invest | 21.30% |
It is too complicated to understand | 20.40% |
I think it is a scam | 17.10% |
I prefer other types of investments | 9.90% |
I don't believe it will be around in the future | 8.10% |
I think the prices are currently a 'bubble' | 7.90% |
It is too difficult to buy and sell | 6.00% |
There are too many fees | 4.30% |
Other, please specify | 1.80% |
The much-anticipated public listing comes amidst unprecedented interest in both cryptocurrencies and stocks.
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