Recently, Gemini’s 2020 research found that 13.5% of respondents are current or previous investors in digital assets, representing a 152% increase from the previous study by the FCA. According to the report, around 3.7% are active cryptocurrency investors, with another 9.8% holding crypto in the last few years.
Women invest more in digital assets
This new data represents a significant shift in the gender dynamics of UK crypto investors, with more women investing in digital assets in 2020. Of the 13.5% of respondents who are current or previous crypto investors, 41.6% are women. Of the 9.0% of those who are planning to invest, 40.0% are women.
Income levels affect crypto investors trade platforms
In terms of income levels, Gemini’s data shows that 91.8% of current and previous cryptocurrency investors have a household income under £100,000. The income levels did affect whether crypto investors trade on multiple platforms or only one.
Investors with a slightly higher average household income of £45,000-£55,000 (21.4%) tend to use more than one crypto platform, while those with a lower average household income of £25,000-£35,000 (35.5%) tend to trade on only one platform. Overall, current investors are more likely to invest on several platforms (57.5%).
Crypto investors spread out across country
According to the reports, Crypto investors are spread out across the entire country and typically live in urban or suburban rather than the rural area. Although most crypto investors are in Greater London (21.9%), the West Midlands have 14.6% of current investors, a disproportionate figure given the percentage of the UK population that lives in that region (8.9%).
Further, 62.5% of current and potential investors are early adopters of new technology. A notable 48.2% will even adopt new technology at launch. In fact, cryptocurrency investors are 30- 50% more likely to have smart appliances, home assistants, smart security, and accessories around the home.
Increased investments
The report also says that on average, one-third of all UK respondents said they planned to increase investments over the coming 12 months. However, among current and previous cryptocurrency investors, nearly half (47.4%) plan to increase their investments over that same timeframe.
Overall, one-third of UK respondents had increased investments during the past six months, compared to two- thirds of cryptocurrency investors, with 57.0% saying they increased their savings as well.
Blair Halliday, Head of UK at Gemini, said, “This new data demonstrates an increasingly diverse base engaging with crypto and indicates how the market is likely to evolve over the longer term. As the industry develops, there are more safe, secure, and regulated platforms available for trading and investing, meaning crypto has never been more accessible. We expect the reach of crypto to widen further, particularly as the 9.0% who are interested in crypto enter the market. The sector has a huge opportunity to educate the 38.7% of respondents who either do not know anything at all about crypto or do not know enough to invest.”
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