The number of cryptocurrency investors in the UK has jumped 57 per cent since 2018, according to research from market research firm GWI Zeitgeist.

The firm surveyed UK internet users aged between 16-64 about their attitudes towards crypto.

One-in-five – 20 per cent – of consumers don’t use cryptocurrency at all but are interested in doing so according to the research.

The research identified the biggest benefits UK consumers associated with cryptocurrency.

The research found over one-in-five – 23 per cent – thought the biggest benefit of crypto is not having to deal with banks or governments, while 22 per cent cited anonymity and privacy, and 18 per cent said having less fees, such as account fees or foreign transaction fees, to worry about.

Cryptocurrency’s peer-to-peer (P2P) structure was cited by 17 per cent of respondents as the biggest benefit, while accessibility was cited by 13 per cent, and being mobile payment friendly was cited by 12 per cent.

However, GWI’s research also found significant drawbacks to cryptocurrency in the eyes of UK consumers. Just under half – 45 per cent- felt having no way to recover currency in case of loss or theft was the biggest drawback, while the same percentage cited cybersecurity threats, such as data breaches or cyberattacks.

Price volatility was said to be the biggest drawback by 43 per cent of those surveyed, while 42 per cent said lack of regulation, and 37 per cent cited how it can make criminal transactions easier, for example funding terrorism or the drug trade.

Only 18 per cent cited how cryptocurrency can be environmentally damaging or a waste of resources as a drawback.

The research also identified a wide range of different feelings towards cryptocurrency regulation.

Only 5 per cent strongly opposed regulating digital currencies, while 8 per cent would “somewhat oppose” more regulation.

Just over a quarter – 26 per cent – had no thoughts about cryptocurrency regulation, while 14 per cent somewhat support increased regulation, and 24 per cent strongly support it.

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