Finder’s Cryptocurrency Adoption Index measures the growth of cryptocurrencies across the world through a regular survey.Read more…
Why aren’t we all buying cryptocurrency?
According to our survey, an estimated 12 million Brits think cryptocurrency is too complicated to understand
While there are lots of people talking about cryptocurrencies like bitcoin, many are yet to take the plunge and own any. We explore why we aren’t all buying cryptocurrency.
Bitcoin’s social media success is phenomenal. It pulled in 28,866 social media posts on February 15, 2018 according to data from Solume.io. This equates to approximately 1,203 posts in an hour, 20 posts per minute, or one post every three seconds. This figure doesn’t even include the social media posts of other cryptocurrencies, such as Ethereum, Bitcoin Cash and Ripple – just to name a few.
But how many Brits have actually bought cryptocurrency? Despite the online popularity, it turns out that not many have, according to our recent survey of 2,000 Brits. In fact, the study found that 97.15% have never purchased any cryptocurrency. That means over 1.1 million Brits are estimated to have put their money into cryptocurrency. Of those who have, the vast majority, 78.95%, said the coin they’ve chosen to buy was bitcoin.
If so many people are talking about crypto, why hasn’t everyone bought it yet?
Bitcoin, the major player in cryptocurrency, started 2017 off at US$953.56. It reached a high of US$20,089.00 on December 17, 2017 (+2,007%) and then dropped back to US$9,167.97 (-54%) on March 13, 2018, according to CoinMarketCap. Since, Bitcoin has bounced back, with it reaching $15,657 on the 12th November 2020.
This volatility could show why the most common reason Brits have not bought cryptocurrency yet is because they think the risk is too high (31.09%). Considering bitcoin’s recent fluctuations, who can blame them?
The second most common reason why Brits haven’t yet bought cryptocurrency is that it’s too complicated to understand (30.31%). This is followed closely by the 30.11% who say they aren’t interested in crypto.
Transaction fees on cryptocurrency exchanges can fluctuate dramatically, depending on demand. For instance, the average transaction fee peaked at US$54.90 in December 2017, according to BitInfoCharts and is now averaging just US$5.28 as of March 11, 2020. So it’s no surprise that we found 4.63% of Brits haven’t bought crypto there are too many fees.
|Reasons why people aren't buying cryptocurrency||Proportion|
|It’s too high-risk||31.09%|
|Too complicated to understand||30.31%|
|There’s no need/I’m disinterested||30.11%|
|I have no money to buy||29.44%|
|It’s a bubble||19.04%|
|It’s a scam||16.42%|
|Too difficult to use||9.68%|
|There are too many fees||4.63%|
Men are more likely to have bought crypto than women, sitting at 3.66% compared to 2.06% for women.
The main reason men chose to not yet invest was that the risk was too high (35.69%). A further 28.83% claim it’s too complicated to understand, while 26.61% admit a lack of interest or need for crypto.
For women who haven’t bought crypto, 33.43% say that there’s no need or they’re disinterested in cryptocurrency. This was closely followed by about one in three (32.33%) who said they have no money to buy, and 31.73% saying it’s simply too complicated to understand.
|Reasons why people aren't buying cryptocurrency||Female||Male|
|There’s no need/I’m disinterested||33.43%||26.61%|
|I have no money to buy||32.33%||26.40%|
|Too complicated to understand||31.73%||28.83%|
|It’s too high-risk||26.71%||35.69%|
|It’s a bubble||12.75%||25.66%|
|It’s a scam||12.55%||20.49%|
|Too difficult to use||7.23%||12.25%|
|There are too many fees||3.21%||6.12%|
Of the three generations, baby boomers are the least likely to have purchased any cryptocurrency, while millennials are the most likely. Of those surveyed, 4.68% of millennials, 2.77% of Gen X and 1.58% of baby boomers say they’ve jumped on the crypto bandwagon.
One in three millennials (33.84%) haven’t invested because they thought it was too complicated to understand. A further 29.68% have no money to invest, while 24.95% claim the risk is too high.
When it comes to Gen X, the most common reason they haven’t purchased was due to not having the money to buy (31.38%). 29.43% think that it’s too complicated to understand and 27.18% say there’s no need or they’re disinterested.
Almost two in five baby boomers (39.04%) who haven’t bought crypto said the risk was simply too high. The next most common reason was a lack of interest (37.17%), followed by 28.61% saying it’s too complicated to understand.
|Reasons why people aren’t buying cryptocurrency||Millennial||Gen X||Baby Boomer|
|Too complicated to understand||33.84%||29.43%||28.61%|
|I have no money to invest||29.68%||31.38%||27.54%|
|It’s too high-risk||24.95%||27.03%||39.04%|
|There’s no need/I’m disinterested||23.82%||27.18%||37.17%|
|It’s a scam||13.99%||14.86%||19.52%|
|It’s a bubble||11.34%||19.22%||24.33%|
|Too difficult to use||10.96%||7.81%||10.43%|
|There are too many fees||6.24%||3.15%||4.81%|
If you’re a part of the 30.31% who are finding cryptocurrency too complicated to understand, check out our cryptocurrency guide containing key information, tools and analysis to break down the phenomenon taking over our news feeds.
Click here for more research. For all media enquiries, please contact
One of a small number of FCA-registered cryptoasset firms, Ziglu is a slick app to exchange cryptocurrencies and a louder-than-loud debit card.Read more…
This guide will show you step-by-step instructions on how to buy the Illuvium (ILV) token as well as a list of exchanges you can trade it on.Read more…
Binaryx offers an intuitive interface for investors to trade a range of crypto and fiat assets.Read more…
Learn how to stake AVAX tokens and earn rewards by supporting the Avalanche blockchain. Read more…
True to its name, SuperRare is an NFT marketplace that focuses on crypto art tokenised on the Ethereum blockchain. The result is part marketplace and part social network for the artistic side of the NFT community. Read more…
More guides on Finder
A beginner’s guide to cryptocurrency ETFs
If you’re looking for ways to gain exposure to Bitcoin and other digital currencies, cryptocurrency ETFs could be worth exploring. Find out what crypto ETFs are and how they work in this introductory guide.
Finder’s Bitcoin Predictions Report: December 2020
We asked 47 experts for their cryptocurrency price predictions and took a deep dive into the Bitcoin price rally.
558% rise in crypto investors since 2018
The growth of cryptocurrencies like Bitcoin has caught the interest of UK investors, with 19% of Brits saying they have bought cryptocurrency at some point.
Cryptocurrency statistics 2021
We explore the latest statistics in the world of cryptocurrency, including who is and isn’t buying cryptocurrency and how much they’re investing.
How to buy Bitcoin
Buying Bitcoin is easier than you think – learn how to buy Bitcoin from a cryptocurrency exchange and discover how to start building your portfolio.
Finder Cryptocurrency Predictions 2021
Finder’s quarterly survey of fintech leaders for their 2020 price predictions on the top trending cryptocurrency coins.
Bitcoin price predictions
The price of Bitcoin surged in May 2019, so we asked a panel of 10 fintech leaders why they think Bitcoin is on the rise; whether they think consumers should buy, hold, or sell; and what might be in store for the cryptocurrency.
Why is bitcoin’s price going up or down?
Wondering why bitcoin’s price has been rising or crashing? See the latest news and events that’s been affecting the BTC price.
A to Z: The Ultimate Cryptocurrency Glossary
From Bitcoin to Shit Coin, every term you will come across on your cryptocurrency journey can be found in Finder’s A to Z: Ultimate Cryptocurrency Glossary.
GBP to BTC Exchange Rate
Live exchange rates featuring the Pound Sterling to bitcoin. Historic exchange rates – Calculate your money transfer to BTC.
Ask an Expert