A new Piplsay poll shows that 41% of Brits now believe there is an equal amount of risk to investing in cryptocurrencies like the stock market.
The survey of 6,070 British residents over the age of 18 indicates that adults residing in the UK are starting to watch cryptocurrencies and the stock market in equal measure. However, 45% of respondents still saw the cryptocurrency as a greater risk of the two.
More than 40% of respondents described cryptocurrencies as safe compared to 31% who did not, while 27% of respondents stated that they were unsure about the security of the digital assets.
Nearly 30% of respondents cited the possibility of hacking or fraudulent activities as their primary concern regarding cryptocurrencies, while regulatory considerations also raised concerns for 26% of respondents. Surprisingly, the volatility was less significant, with only 19% participating in this concern.
Despite the growing interest in cryptocurrencies, the majority of survey respondents said they were still more likely to turn away from cryptocurrencies, with 57% of Britons stating they would not like to invest.
Piplsay’s findings indicate that most Britons have low confidence in cryptocurrency literacy, with 46% of respondents claiming they don’t understand the currency at all.
About 35% of “Gen Zers” and Millennials believe they understand the encryption well, with 39% describing digital assets as safe. About 37% of Gen Zers and 27% of millennials plan to invest in cryptocurrencies this year. By contrast, only 29% of “Gen Xers” believe they understand the encryption and only 22% think it is safe. About 27% are planning to invest this year.
Although respondents were not interested in speculating in cryptocurrencies, 46% said they believed that major brands such as Apple, Amazon and Tesco should accept payments in cryptocurrency – indicating the increasing demand for digital currencies as a method of payment.
Young people’s adoption of cryptocurrencies is nothing new, as a survey from the Independent Cryptocurrency Reserve Index (IRCI) found that nearly 20% of young people owned cryptocurrency in Australia in 2020.
However, another survey conducted by Wirex in partnership with the Stellar Development Foundation on the topic of adopting cryptocurrency in 2021 found that older investors are slowly moving towards cryptocurrencies, with 30% of respondents between the ages of 45 and 54 stating that they use assets. Cryptography – the largest segment of 3,834 respondents surveyed.