Despite growing in price and popularity in the past few months, bitcoin still far away from receiving attention from the masses. A recent study compiled in the UK concluded that only 10% of the participants had purchased BTC, with Londoners being most akin to bitcoin exposure.
Following the latest developments in the cryptocurrency markets when the prices started booming once again, Opinium and AltFi conducted a survey to garner people’s perspective on digital assets.
Both organizations asked 2,000 UK adults how the COVID-19 pandemic has impacted their financial situation, and the majority asserted that they have turned to digital investments while refraining from physical assets.
When the study narrowed down to bitcoin and other cryptocurrencies, the results showed significant room for growth. Only 10% (or 200 people) of the respondents said that they had purchased any digital assets.
Despite being still a relatively small percentage, the 2020 results could be considered as a yearly improvement. A similar study from the end of 2019 showed that 5.3% of participants had bought cryptocurrencies.
AltFi’s research also indicated that platforms such as Revolut and Freetrade had attracted a sizeable portion of the new investors. Other preferred venues included Google Pay and Apple Pay – 28% of cryptocurrency buyers used either one.
Somewhat unsurprisingly, citizens of one of the world’s most important financial cities – the UK capital London – seemed most open towards bitcoin. Nearly 25% of all participants located in London said they had already bought BTC or another cryptocurrency.
On the other hand, the least “bitcoin-friendly city” in the UK turned out to be Plymouth, with only one resident having purchased virtual assets.
The research also confirmed the narrative that younger generations are more likely to allocate funds in BTC. Almost 20% of 18-34-year olds have already done so, while the percentage dropped to just 1 with participants aged 55 or more.
Previously, JPMorgan published a report with the same outcome. It informed that the COVID-19 pandemic had highlighted significant differences among younger and older generations in their investment approaches. However, the conclusion was that the elderly investors still prefer gold, while youngsters have a higher risk tolerance and tend to go with bitcoin.
