LONDON—Seventy-three percent of U.K. consumers don’t know what a cryptocurrency is or are unable to define it, according to a new survey from the country’s financial watchdog, the Financial Conduct Authority (FCA).
The research indicates that those who are most aware of cryptocurrencies are likely to be men aged between 20 and 44, reported CoinDesk in its analysis.
The survey, which polled 2,132 British consumers in association with London-based market research firm Kantar TNS, further found that only 3% of those surveyed had ever bought cryptocurrencies.
Of those who had purchased, half spent less than $263 from their “disposable income.” Bitcoin appears to be the most popular cryptocurrency, with more than 50% purchasing the cryptocurrency, while 34% bought ether, CoinDesk said.
The FCA has also carried out what it called “qualitative” research and interviews of U.K. consumers in association with London-based research agency Revealing Reality. It found that many consumers may not fully understand what they are purchasing, with several wanting to buy a “whole” coin, without realizing cryptocurrencies can also be bought in fractions, noted CoinDesk.
“Despite this lack of understanding, the cryptoasset owners interviewed were often looking for ways to ‘get rich quick’, citing friends, acquaintances and social media influencers as key motivations for buying cryptoassets,” the FCA said.