A new poll by IW Capital, a UK-based SME investment firm, says that only 5 percent of Britons who invested in cryptocurrency turned a profit.
A new poll by a UK-based investment firm is throwing some FUD at cryptocurrency. IW Capital surveyed 2,007 Britons on cryptocurrency and came up with some interesting findings. They then shared the results with the Daily Express, a notorious muckraker.
Cryptocurrency Investment a Bust
The poll found that 38 percent of Britons do not understand virtual currencies at all. The survey also found that a full third believe that the supposed “bubble” is ready to pop.
More FUD comes in the form that most investors surveyed said that cryptocurrency is inferior to other types of investments. The most interesting facet of the study was that only 5 percent of the respondents have made financial gains from their investing in cryptocurrencies.
While the mainstream media huffs and puffs these figures, the reality is that such percentages make sense. Most people jumped on board the Bitcoin train when the number one digital currency was rocketing up in value towards the end of 2017. People who bought into Bitcoin and other cryptocurrencies when prices were reaching all-time highs have definitely lost money when the values came crashing down in 2018. Those who had been hodling for some time are still making bank, and those who are buying when dips are most pronounced are likely turning a profit too.
Recent Polls Feature Intriguing Data
Plus, it should not surprise someone that a traditional investment firm comes out with a poll that throws some FUD at Bitcoin and other coins. IW Capital says that over 2.5 million Britons have invested in cryptocurrency without fully understanding what they’re doing (and not talking to an investor). Of course, they miss the point that cryptocurrency is designed to provide the average person with economic empowerment. With crypto, who needs middlemen pushing their own financial agenda?
IW Capital laments:
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.
This UK poll does mirror some findings from a recent Wells Fargo/Gallup poll on investors and Bitcoin. That particular poll found that only 2 percent of investors surveyed actually owned Bitcoin. The poll also stated that only 26 percent of investors are intrigued by Bitcoin, although they have no plans on purchasing any in the near future.
One notable feature of the Wells Fargo/Gallup poll was that younger investors who had not built up a large investment portfolio were far more likely to own and be knowledgeable about Bitcoin. A full 48 percent of investors between 18 and 49 know something about Bitcoin, while only 22 percent of investors between 50 and 64 do. This percentage drops down to 17 percent for investors that are 65 and over.
Overall, a massive bull run in late 2017 led a lot of people to jump onto the Bitcoin bandwagon lest they missed out. Once the massive hype died down and people realized that they were not going to become crypto millionaires overnight, prices dropped. The FUD being promoted through the UK poll just shows the consequences of people not doing their due diligence. Plus, most crypto enthusiasts will say that the hodling for the long haul is what’s most important. Bitcoin has recently stabilized and began to move up a bit. Perhaps the latter half of 2018 may lead to another bull run, thus increasing the percentage of those making a profit off their cryptocurrency.
Do you find the poll from IW Capital surprising at all? Let us know in the comments below.
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