A recent study by the London-based agency Revealing Reality has suggested that a majority of crypto-investors were increasingly interested in ‘getting rich quick’.
The study also showed that a significant number of crypto-traders exhibited an eagerness to earn more by putting ‘minimal effort’ in a short period of time.
The research stated,
“Most respondents expressed a desire to make significant amounts of money in their lives, and while some were looking for ways to supplement their income, others had explored a variety of ways to try to ‘get rich quick’ without having to work.”
Further, the survey also suggested that a significant majority of the individuals surveyed were worried of being left out or sidelined after Bitcoin hit its explosive heights in 2017 and wanted to foray into a space that was ‘in vogue’.
Additionally, another UK-based market research agency Kantar TNS conducted a sample survey of over 2,000 UK consumers.
The research revealed that a staggering 70% of the people who took the survey did not know how to define basic crypto functionality. Additionally, only 8% of all digital-asset owners had researched about the same before investing and one in every three respondents had never checked the value of their digital asset since its purchase.
The joint ‘qualitative research’ that was carried out by the Financial Conduct Authority [FCA] emphasized that the sample survey should not be pictured as conclusive evidence. In the final report of the Crypto Assets Taskforce, which included the UK Government and the Bank of England, the financial watchdogs highlighted banning certain digital asset derivatives and concluded,
“Firms should note that Her Majesty’s Treasury (HMT) will be publishing a consultation paper in early 2019 on exploring a legislative change to potentially broaden the FCA’s regulatory remit to bring in further types of crypto assets.”
The FCA body further expanded on the Crypto Assets Taskforce’s plans to structure regulation for the cryptocurrency ecosystem.
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