Few Brits Ask For Advice When Investing In Crypto Via Exchange
A recent study found that to date, three million British people have invested in crypto exchanges, but just about five percent of them have received advice from professionals. Further, about 2.5 million of investors hardly understand cryptocurrency.
The report, issued by a London-based investment house, IW Capital, found that the majority of investors use e-trading platforms. In the report’s own words, “The data reveals that, fundamentally, Brits do not have enough information or knowledge on the topic of cryptocurrency. In fact, many have no knowledge about the subject whatsoever.”
Luke Davis, the Firm’s CEO, commented upon the findings, stating “It is shocking, but not surprising to see so much confusion around the topic of cryptocurrency. I do not believe this is a reflection of UK investors’ risk profile, as a positive appetite for alternative finance remains, but to see that investments have been made without proper financial advance and lack of facts and education is very confusing.”
The data reflects an upward trend, which indicates that crypto prices are largely driven by “crowd psychology.” Essentially – because the crowd thinks cryptocurrency is valuable, its value increases.