How do Britons view cryptocurrencies?

August 28, 2020, 2:45 PM UTC

One in six (16%) believe cryptocurrencies are the future of online financial transactions, while just 4% have used them as a payment method

Cryptocurrencies such as Bitcoin are still a topic shrouded in mystery for the majority of the public, with three quarters (74%) saying they don’t understand the technology. This is hardly surprising, given that many Brits struggle with common economic terms that have been around for centuries.

Even two thirds of people who believe cryptocurrencies are the future of digital payments (65%) say they don’t really get how they work.

As if often the case, that lack of understanding seems to translate into distrust. Over half of people who struggle to understand cryptocurrencies (56%) believe the technology can’t be trusted. Among people who claim to grasp it well, this drops to 46% who think it can’t be trusted.

Similarly, 55% of people who say they don’t understand cryptocurrencies believe they are just a fad. In contrast, two in five people (38%) who claim to have some knowledge agree, while half (49%) disagree.

People, who say cryptocurrencies are the future of digital payments are more likely to be male (64%) and aged 18 to 39 (55%). They tend to be C2DEs who typically work in manual professions (54% compared with 46% of the wider population).  

This group also includes a higher than average number of challenger bank customers. Some 9% use Revolut compared with 2% of the general population. A similar number use Monzo (9%), also above the national average (5%).

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