There appears to be little appetite among the British public for cryptocurrency investment. According to polling results collected by YouGov, most respondents (88%) said they were unlikely to invest in crypto currencies in 2018. Exactly half of the respondents (50%) were concerned with the potential security risks associated with crypto currencies, while 44% cited a lack of knowledge for not investing.
The results were fairly uniform across the UK. Only 2% of those based in London stated that they were “very likely to invest” in cryptocurrencies, while an overwhelming 92% of Scots were opposed to investing and 60% of Welsh respondents cited security concerns as a deterrent against it.
With regard to age distribution, the idea of cryptocurrencies was most popular among young people between 18 and 24 (18%), while it was least popular (2%) with those aged 55 and over. David Merry, CEO of Investoo Group, said: “What’s interesting is the poll shows students are the most knowledgeable, which tends to indicate that there’s most certainly a future in it.”
Although initial coin offerings (ICOs) for blockchain currencies have expanded around the world, cryptocurrencies have experienced a tumultuous start to 2018. In particular, the value of Bitcoin has already plummeted by more than 40% in 2018, from $13,800 per bitcoin at the end of 2017 to $7850 in early February, according to the Financial Times.
Though countries such as the US and Switzerland continue to dominate ICOs, the future of blockchain currencies is still uncertain. Only time will tell if British fears are warranted.