A United Kingdom-based SME investment firm, IW Capital took a poll recently surveying around two thousand Britons. According to it, a mere of 5% of British cryptocurrency investors gained profit from their investment in cryptocurrency.
The UK Study
According to the poll results, 38 percent of Britons have zero understanding of virtual currencies. The most shocking part revealed by the study was the 5 percent number of the people gaining profits from the cryptocurrency investments. These numbers actually make sense as the majority of people invested in bitcoin when it was the number one cryptocurrency with its price at the peak in late 2017. The values dropped down to a huge extent in 2018 where many people lost their money. In this course of time, only the people saving up and those buying at the time of dip are experiencing profits.
IW Capital emphasizes the fact that cryptocurrency is designed to give economic empowerment to the average person. Despite this, the reports say that most of the people investing in the cryptocurrencies, do it without completely understanding the system or without talking to some investor. IW Capital said,
“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.”
According to a recent survey by Wells Fargo/ Gallup poll, nearly 26% of investors were interested in cryptocurrencies. However, they showed no particular interest in investing in cryptos. Another interesting statistics is that nearly 48 percent investors between 18 and 49 have some or the other of cryptocurrencies. Meanwhile, the same statistics in the age range of 50 to 64 is only 22 percent. With the death of the massive hype following the bitcoin in 2018, dreams of many people becoming millionaires overnight died. It eventually led in many small-time investors pulling out of cryptos without making much profit in it.