Sharp decline in cryptocurrency ownership reflects growing caution and risk awareness among UK public
The allure of digital currencies is fading fast among British investors, as new data reveals a significant drop in the number of adults owning crypto assets amid growing concerns over financial risk and volatility.
According to the Financial Conduct Authority (FCA), the number of UK adults holding cryptocurrencies fell from 3.1 million in 2022 to 2.3 million in May 2024 — a decline that now sees just 4.3% of the adult population invested in crypto, down from 5.8% the year before. The decline has been particularly notable among men and those aged 18 to 34, once the demographic backbone of crypto enthusiasm.
Despite this shift, the gender divide in crypto ownership persists. The FCA noted that men remain more than three times as likely to invest in digital currencies compared to women, underscoring the continued male dominance in the space, even as overall interest wanes.
The report highlights a growing recognition of the risks involved with crypto investment. Awareness that such assets could result in total financial loss surged from 65% in 2022 to 75% in 2024. The data suggests that investors are becoming more cautious, particularly after a wave of high-profile market crashes, regulatory crackdowns, and digital fraud cases that have plagued the sector in recent years.
Another significant trend is the stagnation in new entrants to the crypto market. The FCA’s research shows that most current crypto holders are those who invested in previous years, with only one in ten entering the market in the last 12 months. This suggests that cryptocurrencies are struggling to attract fresh interest, even as the technology becomes more mainstream and public discourse around digital assets intensifies.
The timing of the FCA survey is also notable, as it was conducted before the recent resurgence in crypto interest following Donald Trump’s return to political prominence — a development that has reportedly fuelled a renewed wave of speculative activity, particularly in the United States.
Still, for many UK investors, the novelty of crypto appears to have worn off. As more people understand the realities of price volatility, regulatory uncertainty, and the lack of consumer protections, digital currencies are no longer seen as a fast-track to wealth but as a high-risk gamble best approached with caution.
While crypto may yet experience another cycle of hype and hope, the data paints a sobering picture: for many Britons, especially the young and once-enthusiastic, the shine has come off the blockchain.
