Room for Growth? Only 10% of UK Citizens Have Purchased Bitcoin

Despite a rise in price and popularity over the past few months, bitcoin is still far from receiving attention from the masses. A recent UK-based study concluded that only 10% of participants had purchased BTC, with Londoners much like a bitcoin exposure.

10% of BTC bought UK Citizens

Following the latest developments in the cryptocurrency markets when prices started to boom again, Opinium and AltFi conducted a survey to gather people’s perspective on digital assets.

Both organizations asked 2,000 UK adults how the COVID-19 pandemic has impacted on their financial situation, with the majority claiming to have resorted to digital investments while refraining from physical assets.

When the study narrowed to bitcoin and other cryptocurrencies, the results showed significant room for growth. Only 10% (or 200 people) of respondents said they had purchased any digital assets.

Although still a relatively small percentage, the 2020 results could be considered as an annual improvement. A similar study in late 2019 showed that 5.3% of participants purchased cryptocurrencies.

AltFi’s research also showed that platforms like Revolut and Freetrade have attracted a significant proportion of new investors. Other preferred locations included Google Pay and Apple Pay – 28% of buyers used cryptocurrency either.

Londoners Like Bitcoin

Oddly enough, the citizens of one of the most important financial cities in the world – the UK’s capital city of London – seemed most open to bitcoin. Nearly 25% of all London participants said they had already bought BTC or other cryptocurrency.

By contrast, Plymouth was the smallest “bitcoin-friendly” city in the UK, with only one resident purchasing virtual assets.

The research also confirmed the narrative that younger generations are more likely to allocate funds in BTC. Nearly 20% of 18-34 year olds have already done so, while the percentage dropped to just 1 with participants aged 55 or over.

JPMorgan previously published a report with the same result. He advised that the COVID-19 pandemic had highlighted significant differences among younger and older generations in their investment methods. However, the conclusion was that the elderly investors still prefer gold, while young people have higher risk tolerance and tend to go with bitcoin.