Poll Finds Four in 10 Brits Believe the Stock Market is as Risky as Crypto
The recent trend in adopting digital currencies by the mainstream increases digital token‘s popularity and reliability among the society. A new survey by Piplsay revealed that 41% of Britons now believe investing in cryptocurrencies is an equal amount of risk with the stock market. A study of 6,070 British citizens over 18 shows that adults living in the UK are starting to see cryptocurrency and the stock market on an equal footing.
More than 40% of respondents said cryptocurrency is safe, 31% is unsafe, while the remaining 27% said they are not sure about digital assets’ security. Approximately 30% of respondents cited the potential of hacking or fraudulent activities as their primary concern with crypto, while regulatory considerations also raised concerns for 26% of respondents. Surprisingly, volatility was less of an issue, and only 19% shared this concern. Despite the growing interest in cryptocurrency, most of the respondents stated that they were more likely to stay away from crypto and 57% of British people had no desire to invest. Piplsay’s finding suggests that most Britons have low confidence in crypto literacy, and 46% of respondents claim that they do not understand the currency at all.
About 35% of “Gen Zers” and Millennials believe they have a good understanding of crypto, and 39% describe digital assets as safe. Approximately 37% of Gen Zers and 27% of Millennials plan to invest in cryptocurrency this year. In contrast, only 29% of “Gen Xers” believe they understand crypto and only 22% think it is safe. It plans to invest about 27% this year. Despite the indifference of respondents to crypto speculation, 46% said they believe significant brands such as Apple, Amazon, and Tesco should accept payments in cryptocurrency – indicating the growing demand for crypto as a means of payment.
Adopting cryptocurrencies among the young population is nothing new, as a survey conducted by the Independent Reserve Cryptocurrency Index (IRCI) illustrated that almost 20% of young adults in Australia already own crypto in 2020. However, another survey conducted by Wirex in partnership with the Stellar Development Foundation on cryptocurrency adoption in 2021 revealed that senior adults are gradually entering into the digital currency market and 30% of respondents aged 45 to 54 are using crypto assets. This group, which consists of 3,834 respondents, constitutes the largest part of the survey.