Seven million Britons embrace crypto as Bitcoin soars to $95,000

Cryptocurrency ownership in the UK has reached unprecedented levels, with seven million adults now holding digital assets—up from five million in 2022.

This surge comes as bitcoin experiences a remarkable rally, soaring to $95,000 following significant global events such as the election of Donald Trump in the United States.

The latest report from the Financial Conduct Authority (FCA) highlights a sharp increase in individuals owning cryptocurrencies like bitcoin and ethereum. Ownership has risen to approximately 12% of UK adults by August, up from 10% in June last year. Notably, there’s a significant uptick in those investing substantial sums: the proportion of people holding between £1,000 and £10,000 in crypto assets has jumped from 20% to 36%. The average holding value now stands at £1,842, up from £1,595 in 2022.

However, the FCA warns of growing misconceptions about investor protection. One in five crypto owners now believe they would be eligible for compensation if something goes wrong—a figure that has doubled from one in ten in 2022. The regulator reiterates that crypto remains largely unregulated, and investors should be prepared to lose all their money.

The report also notes a concerning rise in borrowing to finance crypto purchases. While most buyers use readily available cash, 14% have turned to credit cards or other forms of borrowing, up from 6% in 2022. Additionally, more crypto owners are engaging in “staking”—temporarily allocating their tokens to support blockchain networks in exchange for rewards.

Demographically, crypto ownership skews towards males, younger adults, higher socioeconomic groups, and higher earners. The FCA found that 18 to 34-year-olds, women, and those with holdings of at least £1,000 are more likely to mistakenly believe they have protection against losses.

The debate over crypto’s future intensifies as enthusiasts predict digital currencies will integrate into mainstream finance, while critics argue they facilitate illicit activities and represent a speculative bubble. President Trump’s pledge to make the US “the crypto capital of the planet” has raised expectations of a more favourable regulatory environment, contributing to bitcoin’s recent surge.

The UK’s seven million crypto owners now compare with the estimated 11.3 million adults who directly own shares, according to the FCA’s Financial Lives Study of 2022.

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Seven million Britons embrace crypto as Bitcoin soars to $95,000