Survey: More than 70% of UK consumers have never heard of cryptocurrencies or are unable to define them

The Financial Conduct Authority, the UK's financial regulator, recently surveyed more than 2,100 UK consumers in an effort to better understand their "awareness, understanding and purchasing habits related to cryptoassets."  The results from the survey are as follows:

  • 73% have never heard of cryptocurrencies or were unable to define what they are.
  • Of the 27% who were able to define cryptocurrencies, a majority of them were men between the ages of 20-44. 
  • Of those that bought cryptocurrencies, 84% used online exchanges to acquire them.
  • The most popular reasons for buying cryptocurrencies were as a gamble (31%), or
    as part of an investment portfolio (30%).