What do the Brits think about Cryptocurrencies?

In a poll that was recently by D-CYFOR reveals that 93% of the UK general public now knows about cryptocurrencies.  This percentage represents a 2% increase since the same question was put to them in January 2018 this year and 13% increase since November 2017.

The D-CYFOR opinion tracker is used to measure the public attitude towards bitcoin and cryptocurrencies. It also reveals that while the public opinion on bitcoin is high (93%), 56% say that even if the government was to regulate cryptocurrency exchanges they would still be willing to invest in cryptocurrency. 33% said that cryptocurrency regulation would make them more likely to invest in cryptocurrencies.

The survey also indicates that the majority of the general public (that is around 60%) would not support the bank of England introducing its own cryptocurrency. The reverse is true about millennials who constitute around (53%) and are the only age group that would support a bank of England backed cryptocurrency.

And when asked “What is the blockchain?”, 41 per cent answered that it was another name for an old-fashioned toilet pull flush.

When the general public was asked whether they were optimistic about an increase in the value of Bitcoin, around 39% said yes. This is the same percentage when D-CYFOR got when the question was asked in January 2018. This percentage also reveals that there has been a drop in investor confidence since November 2017.

The survey further reveals that majority of the public (around 61%) believe that bitcoin will either decrease in value of the next six months or entire collapse. The January 2018 shows that this figure remains unchanged. Around 47% of the general public in November 2017 believed that bitcoin would decrease in value. The same number also believed that bitcoin would collapse within six months.

The experience of those that have tried using cryptocurrencies

The survey by D-CYFOR also seeks to address the issue of the experience of those that have tried to sell bitcoin. It found out that those who have tried to sell their bitcoin found the fees to be high.

The percentage of this group consists of around 24%. 10% of those asked about their experience on selling bitcoin said that it took them a long time to sell while the value of their bitcoin fluctuated.

33% found the process to be straightforward and never met any hiccups along the way. 19% found the process to be okay whilst 16% have never tried to sell their bitcoin.

Out of the number that has already invested in cryptocurrencies and bitcoin, 50% are planning to keep their investments for under a year.

Other Cryptocurrencies

The opinion tracker found out that around 50% of those who invested in bitcoin are most likely to invest in other cryptocurrencies. This number represents a 2% increase from the question that was last asked in January 2018.

The survey further reveals that the general public still sees buying property as the best long term investment. This number is around 45%, while 20% believe that putting money in the bank is the best option. The number slowly decreases as 14% believe in investing money in stocks and shares.

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