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The crypto market rally saw Bitcoin (BTC), Ethereum (ETH) and other popular digital currencies set new all-time highs making them very attractive to investors. A new survey revealed that British investors are now more interested in cryptocurrencies than in traditional stocks.
In a recent survey done for the UK investment firm AJ Bell, 7 percent of Britons bought crypto over the last year, according to Cointelegraph. However, only 5 percent of the respondents said that they invested in stocks and shares ISAs (individual savings accounts).
An ISA (individual savings account) is a class of retail investment arrangement available to U.K. residents. They are popular because they have a tax-free limit of £20,000 each financial year, according to Thisismoney.co.uk.
“When more people are buying cryptocurrency than investing in a stock market Isa, you have to conclude the world's gone crypto crazy,” AJ Bell financial analyst Laith Khalaf said.
While the crypto market rally has created wealth for thousands of investors, most remain skeptical of the new asset class due to its price volatility. For instance, Tesla CEO Elon Musk is known for causing significant price movements because of his tweets.
“It's possible that cryptocurrencies will ultimately prove to be profitable in the long run, though that's still highly debatable,” Khalaf added. While some investors have made profits by buying crypto at the right time, Khalaf warned that such profits could be wiped out easily due to the market’s volatility.
AJ Bell's study revealed that 12 percent of crypto investors reported making a loss in the past year. Surprisingly, 17 percent admitted that they do not even know if they’re losing as they do not have an understanding of how cryptos work.
“It certainly looks like some consumers are jumping into the deep end with cryptocurrencies, before learning how to swim in shallower waters,” Khalaf commented.
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