According to new research from ICONOMI, the crypto social investing platform, in the last two years, nearly one in 12 (8%) of UK adults – equating to 2.65 million people – has invested in cryptocurrency.
When it comes to the driver or influencer behind making this leap, one in seven (15%) of us has been advised to do so by our children. In fact, ICONOMI’s data reveals that ‘kidfluencers’ have had more success at convincing their parents to invest in crypto than any of the other mainstream investment options available in today’s market.
With the average crypto investment in the UK coming in at £1,816 over the last two years, the total value held in digital currencies equates to £4.8bn, so cumulatively the impact of our children on the nation’s economy is clear to see.
Peter Curk, ICONOMI CEO, said: “While it’s clear from our data that more young people – 22% of those aged 18-34 compared to just 1% of those aged 55+ are investing in crypto, the stand-out insight we felt was just how influential our children can be when making an investment decision. The term kidfluencer is nothing new, but understanding the power of this market in digital currency investing is a fascinating discovery.”
While the average across the UK is £1,816, there were some notable variances on a region-by-region basis.
Thousands of Brits still planning to buy into crypto
ICONOMI’s data also revealed that while it was one in 12 (8%) that has invested so far, the future growth potential for the asset class is apparent, with more than a fifth (21%) considering investing in crypto in the next year, with 7% stating they would ‘definitely’ consider it.
This is the case for 44% of those aged 18-34, 21% for those aged 35-54 and 5% for those 55+. At 5% this may be a small number, but a five-percentage point increase is certainly worth noting.
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But they still don’t understand it!
In terms of a general understanding of cryptocurrencies, the UK still doesn’t fully understand it as an asset class. While nearly half (43%) of UK adults state that they see it as high-risk but high reward and more than one in three (37%) stated they want to make as much money as possible from their investments, 79% said they aren’t considering crypto as an investment in the next 12 months and 61% said they prefer more traditional forms of investment.
This may of course be down to a lack of understanding, particularly given 64% of UK adults stated that they didn’t know how cryptocurrencies work.
“There is still a huge opportunity for digital assets to grow in the UK, and those specific digital asset issuers, along with businesses like ours have a responsibility and challenge to do so. While our platform makes it extremely easy to invest in crypto, and do so in a manner that fits anyone’s risk profile, it is clear there remains an understandable hesitancy. Perhaps it will be as simple as ‘look mum, look dad, you can do it like this’ – given the role of our ‘kidfluencers’.”