According to new research, a third of British consumers are intrigued by cryptocurrency but remain too ‘baffled’ to take the leap.
Of the three in ten people (31 per cent) curious about investing in crypto, 62 per cent have refrained from buying any because they do not understand the market, while 43 per cent detailed that they are unaware of a safe way to buy it.
However, the nationally representative survey of 2,000 Brits, commissioned by money app Ziglu and conducted by OnePoll, also found that they would invest if they had a better understanding of cryptocurrencies (64 per cent) and mainstream financial institutions start offering crypto to retail customers (36 per cent).
Mark Hipperson, Founder and CEO of Ziglu, said: “Our survey highlights the importance of financial inclusion, and that is why we will continue to spread the word not just about how crypto works but also how easy and safe it can be now to buy and sell.”
In a sign that cryptocurrency is gaining legitimacy in the eyes of the public, it is considered a wiser investment than property. Asked how they would invest £100, more people chose cryptocurrency in their top three investments (30 per cent) than real estate (19 per cent) and almost the same number chose gold (31 per cent).
The survey and growth of cryptocurrency comes at a time when digital currency takes on increased significance as alternative payment methods are becoming more prevalent and consumers look to engage with commerce whilst also minimising the spread of the virus.