Over 5% of UK Citizens Own Bitcoin, With More Planning to Invest

Michael LaVere
  • New survey reveals 5.3% of UK respondents currently own Bitcoin.
  • 6.8% of those polled do not currently own BTC but have the intention of investing in the future. 

A new survey of UK citizens has revealed that more than 5% of the country's population currently owns bitcoin, with an additional 6.8% planning to buy some BTC in the future. 

The survey, conducted by Crypto Radar, looked at 2,500 UK citizens between the age of 18 and 65+ to gauge investment attitude towards bitcoin and cryptoassets. 

According to the survey results, the vast majority (67%) of respondents said they did not own bitcoin and had no intention of buying BTC in the future. While 5.3% of respondents said they currently own bitcoin, over half claimed to have no desire to buy any more BTC. However, 6.8% of those polled said they were planning to buy bitcoin in the future, despite not currently owning any BTC.

An additional 20% of those polled claimed to have “never heard of Bitcoin before,” despite the growing popularity of cryptoassets in mainstream media. When demographic filters were applied to the result targeting males between 25 to 34 years old, an astounding 25.5% said they had no familiarity with bitcoin.

According to the report, 

Seeing that in 2019, the fact that over a quarter of British males Young Professionals surveyed, not to mention the full 20.3% of all UK respondents were unaware of Bitcoin, ought to give the crypto community pause. These survey results are demonstrative of the need for more education by the Bitcoin community to inform investors, especially male investors under 35.

Overall, younger male investors were still more likely to own and be familiar with bitcoin, leading Crypto Radar CEO Amine Rahal to conclude, 

Regardless of its enormous volatility, Bitcoin is a very attractive asset class for those investors, especially younger investors, who are willing to ride the volatility to tremendous gains.

Featured Image Credit: Photo via Pixabay.com

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Two Brazilian Crypto Exchanges Close Following Change in Tax Laws

  • Two Brazilian exchanges have been forced to close in the face of strict new regulations.
  • Exchanges are required to keep track of all transactions made with cryptocurrency or pay fines. 

Two Brazilian cryptocurrency exchanges have been forced to shut down following the enactment of new tax laws. 

Following reports of rampant cryptocurrency-related fraud in 2019, Brazilian politicians have created and enforced new tax regulations for the industry of cryptocurrency. 

According to a report by Bitcoin.com, exchanges Acesso and Latoex are two of the first casualties of the increased regulation. Both exchanges have decided to end operation, rather than pay the hefty fines and comply with strict regulation in the face of shrinking trading volume. 

Pedro Nunes, co-founder of Acesso Bitcoin, told Portal do Bitcoin, 

After the Federal Revenue Service introduced these rules we noticed a significant decrease in the traded volume. We also feel that the market has cooled off for smaller exchanges.

The new regulations, implemented in August 2019, require traders and brokerages to report all transactions involving cryptocurrencies. Failure to comply results in penalties ranging from 500 BRD to 1500 BRD ($120 - $360). 

Exchanges say that compliance with the new regulation requires expensive investment into new resources, which has been untenable for smaller and less profitable organizations.

Featured Image Credit: Photo via Pixabay.com