More than one in five retail crypto investors in the U.K. say they don't know what they're doing despite owning cryptocurrency, new research suggests.
- The study by behavioral finance firm Oxford Risk concludes that 21% of investors rate their knowledge as "poor or non-existent" even after owning crypto assets.
- Of the 1,038 investors surveyed, 36% said that at the time they first bought crypto their knowledge was poor or non-existent.
- The research also suggests that Britons are quite prudent in their crypto investments, with 81% saying they started with small amounts to see what happens.
- Three-quarters (76%) have invested less than 5% of their total savings and 41% have invested less than 1%.
- Research by the U.K.'s Financial Conduct Authority concluded that while awareness of crypto is increasing, understanding is declining. That was based on a figure of 71% of people being able to correctly identify the definition of cryptocurrency from a list of statements.
- The Oxford Risk study was conducted May 21-23.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.