Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Seven million Britons embrace crypto as Bitcoin soars to $95,000

by November 26, 2024
November 26, 2024
Seven million Britons embrace crypto as Bitcoin soars to $95,000

Cryptocurrency ownership in the UK has reached unprecedented levels, with seven million adults now holding digital assets—up from five million in 2022.

This surge comes as bitcoin experiences a remarkable rally, soaring to $95,000 following significant global events such as the election of Donald Trump in the United States.

The latest report from the Financial Conduct Authority (FCA) highlights a sharp increase in individuals owning cryptocurrencies like bitcoin and ethereum. Ownership has risen to approximately 12% of UK adults by August, up from 10% in June last year. Notably, there’s a significant uptick in those investing substantial sums: the proportion of people holding between £1,000 and £10,000 in crypto assets has jumped from 20% to 36%. The average holding value now stands at £1,842, up from £1,595 in 2022.

However, the FCA warns of growing misconceptions about investor protection. One in five crypto owners now believe they would be eligible for compensation if something goes wrong—a figure that has doubled from one in ten in 2022. The regulator reiterates that crypto remains largely unregulated, and investors should be prepared to lose all their money.

The report also notes a concerning rise in borrowing to finance crypto purchases. While most buyers use readily available cash, 14% have turned to credit cards or other forms of borrowing, up from 6% in 2022. Additionally, more crypto owners are engaging in “staking”—temporarily allocating their tokens to support blockchain networks in exchange for rewards.

Demographically, crypto ownership skews towards males, younger adults, higher socioeconomic groups, and higher earners. The FCA found that 18 to 34-year-olds, women, and those with holdings of at least £1,000 are more likely to mistakenly believe they have protection against losses.

The debate over crypto’s future intensifies as enthusiasts predict digital currencies will integrate into mainstream finance, while critics argue they facilitate illicit activities and represent a speculative bubble. President Trump’s pledge to make the US “the crypto capital of the planet” has raised expectations of a more favourable regulatory environment, contributing to bitcoin’s recent surge.

The UK’s seven million crypto owners now compare with the estimated 11.3 million adults who directly own shares, according to the FCA’s Financial Lives Study of 2022.

Read more:
Seven million Britons embrace crypto as Bitcoin soars to $95,000

0
FacebookTwitterGoogle +Pinterest
previous post
Building Opportunities, Inspiring Success: An Exclusive Q&A with Joseph Majeesh
next post
Retailers warn of inevitable price rises due to budget measures

You may also like

TalkTalk to axe hundreds of jobs as broadband...

December 16, 2024

Next and Frasers Group vying to acquire troubled...

April 9, 2024

Gordon Ramsay’s restaurant group reports £12m in pandemic...

August 5, 2022

John Lewis agrees £500m deal with Abrdn to...

December 2, 2022

Grant Shapps defends flexible working rights

December 14, 2022

BrewDog Co-Founder James Watt Steps Down as CEO...

May 9, 2024

Google faces new multi-billion advertising lawsuit

April 4, 2023

NatWest profits surge 36% as government nears full...

May 2, 2025

Next CEO Lord Wolfson says planning rules are...

December 7, 2023

UK inflation rate rises unexpectedly to 4%

January 17, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • IVF parents should have right to paid fertility leave, says GMB union

      June 9, 2025
    • Reform UK clashes with Bank of England over interest payments to lenders

      June 9, 2025
    • Trump ally stands firm against ‘big, beautiful bill’ despite pressure: ‘It’ll completely backfire’

      June 8, 2025
    • Rubio condemns assassination attempt on Colombian presidential candidate Miguel Uribe

      June 8, 2025
    • Obama WH physician says Biden doc should have performed cognitive test

      June 8, 2025
    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025

    Categories

    • Business (8,154)
    • Investing (2,019)
    • Politics (15,571)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved