Londoners are, on average, twice as likely to have invested in cryptocurrency than any other region in the UK, a new study has revealed. The research, commissioned by Swiss fintech company Crealogix, looked at investment habits across the country, with residents of the capital being the most active in the market by a considerable margin.
The study found that almost one in 10 Londoners have moved more than £100 into crypto in the past 10 years, with the second highest rate of investment seen in Yorkshire and the Humber, where 1 in 15 residents having invested to the same level. The North West and East Midlands had the lowest likelihood to invest, with only 1 in 50 from those regions having put a significant amount of money into crypto.
Outside of geographic differences, the research also revealed striking generational disparities.
Cryptocurrency investors in the UK are disproportionately millennials and the younger ‘generation Z’. In fact, the data highlighted that millennials are five times more likely to invest in cryptocurrencies than baby boomers, and twice as their likely as their GenX predecessors. Less than 1% of older baby boomers (62+) expressed any interest in purchasing a cryptocurrency, with the majority not making any investments at all in excess of £100.
Jo Howes, commercial director at Crealogix UK, said:
In the coming decades what we know to be a traditional investment will change considerably. Holding crypto will be a common strategy in a diverse portfolio, sharing similarities to medium and long-term assets, such as gold.
Cryptocurrencies as investible assets are continually evolving themselves. We’ve seen this recently with the rise of hard-asset backed tokens. As they continue to carve their way into the mainstream, it’s the future generations that are set to benefit. It is why we are enabling the digital wealth manager to easily deliver these future options in their investment applications today.
The study also found that on a scale of income between £15,000 to over £75,000, respondents earning middle incomes between £45-55,000 were most likely to invest in crypto.
In terms of wider trends, the likelihood to invest in cryptocurrency actually rises with salary, up to a peak at £45,000. Beyond this point it drops off, with those earning between £65-75,000 the least likely to engage with the sector, preferring to put their money in traditional investment assets such as shares, bonds and funds.