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One in Five UK Crypto Investors Don't Know What They're Doing: Research
The study by behavioral finance firm Oxford Risk concludes 21% of investors rate their knowledge of crypto assets as "poor or non-existent."
Updated Sep 14, 2021, 1:22 p.m. Published Jul 8, 2021, 10:45 a.m.
More than one in five retail crypto investors in the U.K. say they don't know what they're doing despite owning cryptocurrency, new research suggests.
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- The study by behavioral finance firm Oxford Risk concludes that 21% of investors rate their knowledge as "poor or non-existent" even after owning crypto assets.
- Of the 1,038 investors surveyed, 36% said that at the time they first bought crypto their knowledge was poor or non-existent.
- The research also suggests that Britons are quite prudent in their crypto investments, with 81% saying they started with small amounts to see what happens.
- Three-quarters (76%) have invested less than 5% of their total savings and 41% have invested less than 1%.
- Research by the U.K.'s Financial Conduct Authority concluded that while awareness of crypto is increasing, understanding is declining. That was based on a figure of 71% of people being able to correctly identify the definition of cryptocurrency from a list of statements.
- The Oxford Risk study was conducted May 21-23.
Read more: ‘Thrill’ and ‘Status’ Driving Young People to Crypto Investment, Says UK Financial Watchdog
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