Recent surveys indicate that nearly one-third of the 9 million London residents, plan to invest in cryptocurrencies, which is more than double the national average of the United Kingdom.
According to a recent report by Rathbone Investment Management, 30% of Londoners plan to invest in crypto, as compared to just 13% of citizens nationwide. Additionally, one in eight cryptocurrency investors within London attribute their wealth to digital currencies where only 4% of investors had similar responses in other parts of the U.K.
Young individuals are also (unsurprisingly) far more likely to invest in cryptocurrencies, with 37% of those under 35 saying they would consider investing in the future while only 4% of individuals over 45 intended to invest in digital assets.
“These figures suggest there are a number of investors in London with shorter investment goals who have been more susceptible to the so-called bitcoin craze, while outside of the capital investors have mostly stayed clear of what is a high-risk asset class,” stated Rathbone investment director Robert Hughes-Penney.
This report comes the same week it was revealed that Gemini is planning to expand its operations into the U.K. to compete with already-established Coinbase, which recently announced that it now supports direct crypto purchases using British pounds on its Pro platform.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.