Study: Five Percent of Three Million UK Crypto-Investors Sought Professional Advice
A new research paper has stated that out of 3 million English citizens that have invested in cryptocurrencies via online exchanges, a mere five percent of them received professional advice on how to spend their funds. Additionally, 2.5M of these investors poured funds into the market without complete or necessary knowledge.
Not Good Enough
Out of the millions in the UK that have poured several investments into digital currencies, a mere five percent sought out advice from professionals and experts, while the rest continued to invest with no prior experience of current understanding of cryptocurrency investments. The data was revealed in a study by IW Capital, an investment house in London.
As the research has stated, around 3 million citizens in the UK invested through cryptocurrency exchange platforms while five percent have sought out professional financial advisors to guide them with their investments. 2.5 million UK residents have investment without the necessary advice or expertise.
38 Percent of investors that took part in the study confessed to poor and lacking investment understanding and that cryptocurrencies were still a vague notion to them while a third of the involved individuals believed that it was just a matter of time before cryptocurrencies popped their bubble. The company behind the research has revealed that crypto-investors are still poorly educated on digital coin investments. As stated, the data within the study has revealed that British investors lack the necessary information in terms of crypto.
Additionally, many others are completely unaware of the topic. IW Capital’s CEO, Luke Davis also spoke on the matter, explaining that despite the immense lack of cryptocurrency awareness among many residents does not come as a surprise. He adds that this does not apply to alternative or traditional investments despite the heavy concerns regarding the unadvised investments and lack of information.
In the report, only five percent of investors saw profits returned from their financing and seven percent of those that took part in the research believed that digital currencies were worth much more than traditional stocks and shares. This report comes during a time where BTC has climbed around 40 percent in profit, surging over its long-term downside of under $6K on the market to around $8K this year.