Bitcoin price LIVE: Brits not convinced

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Bitcoin has enjoyed something of a revival over the last week with prices soaring back above $8,400, marking a 40 percent rise from the multi-month low of $5785 recorded in 2018. Positivity is very much back in the air with Matthew Newton, analyst at eToro, telling Express.co.uk that there’s “real strength” in the move back past the $8k mark. He said: “If bitcoin can close above $8,000 today, we could assume that we may have a good run toward $10,000.”

Only 5 percent of those who have invested in cryptocurrency have made financial gains. 11.5 million have failed to make a financial gain when investing in a cryptocurrency. Luke Davis, CEO of IW Capital

However, as ever with crypto, not everyone’s convinced. IW Capital - the Mayfair-based SME investment house - has shared exclusive research with Express.co.uk on the future of cryptocurrency investment in the UK. The report claims that ranging from sentiments of no confidence to not understanding what it is, the vast majority of the UK’s investor community believe it to be inferior to other forms of investment, and that the bitcoin bubble will soon burst. Key stats from the nationally representative sample of 2,007 respondents include 38 percent of those asked claiming not to understand cryptocurrency and a third of the UK believe that the bubble is set to burst.

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According to IW capital, only 7 percent believe cryptocurrency is more valuable than traditional stocks and shares investments, and only 5 percent of those who have invested in cryptocurrency have made financial gains Nearly 3 million Brits have invested in cryptocurrency using an e-trading platform but only 5 percent have taken advice when investing in cryptocurrency from a financial advisor. Over 2.5 million of Brits have casually invested in cryptocurrency without fully understanding the investment. IW capital says that there is a fundamental lack of knowledge at the heart of cryptocurrency investment. The report said: “The data reveals that, fundamentally, Brits do not have enough information or knowledge on the topic of cryptocurrency. In fact, many have no knowledge about the subject whatsoever.”

Adding: “Despite a widespread dearth of knowledge surrounding this particular asset class, disconcertingly, 1 in 20 Brits - nearly 3 million - have invested in cryptocurrency without fully understanding it, with only 5 percent having taken advice from a financial adviser when investing in cryptocurrencies. “Only 5 percent of those who have invested in cryptocurrency have made financial gains. 11.5 million have failed to make a financial gain when investing in a cryptocurrency.” Luke Davis, CEO of IW Capital, said: "It is shocking, but not surprising, to see so much confusion around the topic of cryptocurrency. I do not believe this is a reflection of UK investors’ risk profile, as a positive appetite for alternative finance remains, but to see that investments have been made without proper financial advice and a lack of facts and education is very concerning.”

Bitcoin price LIVE: BTC has risen past $8k