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In a study released today, it has been revealed that 73% of the British population don’t know what cryptocurrencies are.

With cryptocurrencies becoming more prevalent than ever before on the financial world stage, you would think that a top 5 economy nation would have a population fully wised-up on its inner-workings. However, as it turns out, that is not the case. With it being revealed that just shy of three-quarters of the UK population don’t even know what cryptocurrencies are. While only around 3% own any, 16% of which hadn’t conducted any research before doing so and only 1 in 3 has checked its value since purchasing. It was also revealed that almost 20% of those who invested did so as a means to get rich quick and 30% did so as a gamble.

The information was revealed by the UK’s primary financial regulator, the FCA, who conducted research into o wnership and attitudes in the UK towards crypto. They also revealed quite amusingly that 1% confused its definition with that of a raffle.

This highlights a massive misunderstanding of the currency at a time when it’s expansion into the mainstream becoming more and more prevalent. It has to be mentioned though that younger generations did seem to be attentive to its goings-on, so there is some hope. However, you still have to wonder how such a big topic as cryptocurrency has slipped under the radar in such a large and well-connected country. Oh well, more for us then, I suppose.

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