One in 10 UK adults currently own cryptocurrencies and 11 per cent are considering buying some for the first time over the next 12 months, research has revealed.
UK money-based app and crypto platform Ziglu has found that about three per cent (1.57 million people) said they will definitely buy their first cryptocurrencies in the next 12 months, while eight per cent (4.2 million people) reported it is quite likely they will do so.
Over a quarter (29) per cent said they plan to buy their first cryptocurrencies because it has become easier to test the market by purchasing a small amount and 27 per cent put it down to expecting valuations to increase.
This was followed by 26 per cent saying they will invest because the crypto market is becoming more mainstream and 23 per cent attributing it to improving security levels.
Eight per cent said it is because they are being encouraged to buy by loved ones while other reasons given include providers making it cheaper and easier to buy cryptocurrencies and improving regulations.
“Cryptocurrencies are becoming increasingly mainstream,” said Mark Hipperson, founder and chief executive of Ziglu.
“Our findings show that around 39 per cent of people who own cryptocurrencies first bought them in the past 12 months, and a huge number of people plan to become first-time buyers over the next 12 months.
“There is a wide range of choice for people in terms of platforms to use, but they should focus on how easy the platforms are for first-time buyers, the fees for small transactions, and in particular security and levels of insurance offered to protect your assets.”