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Young investors buy cryptocurrency mainly for “stimulus” From FCA UK

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The financial conduct authority (FCA) released the results of a study to better understand investors engaged in high-risk investments such as cryptocurrency and foreign exchange. They found a group of young novice investors engaged in “high-risk” investments, such as cryptocurrency. The study was conducted by FCA in conjunction with international strategy consulting firm Britain thinks between mid August 2020 and late January 2021.

They surveyed 517 investors from all over the UK who made investment decisions on their own behalf rather than seeking professional financial advice.

The majority of the respondents (218) were between 45 and 64 years old, including younger investors: 53 between 18 and 29 years old and 166 between 30 and 44 years old. The study found that new self-directed investors tend to be younger, “less aware of risk” and more likely to invest in riskier investments (such as cryptocurrency) than older investors who “usually accumulate risk over time.”

The survey results show that 38% of the respondents have no practical reasons for their investment choices, but give priority to emotional factors, such as the stimulation of trading and the sense of belonging to the invested company, which maintains their perceived social status. Although the majority of respondents claimed that they had high confidence and sufficient knowledge in their investment areas, it was reported that many people lacked awareness or belief in the risks they faced.

More than 40% of the respondents do not think that “losing some money” is the potential risk of investment, the vast majority (78%) believe in their intuition, and 78% of the respondents believe that certain types, industries or companies are “safe choices”. This is partly due to the praise of cryptocurrency by “Internet influencers and experts like Elon Musk,” the report said.

However, with the desire for novelty and investment challenges, these investors are relatively unable to bear the investment risk. 59% of respondents with less than three years of investment experience will find that their lifestyle will be greatly affected.

Commenting on the findings, Sheldon mills, FCA’s executive director of consumer and competition, said: “some investors are being tempted, either through online advertising or sales strategies, to buy high-risk products that are unlikely to be suitable for them.” “Investors need to pay attention to their overall risk appetite, diversify their investments and invest only in high-risk products within their tolerance,” he added

More reading from techweb: 21.2% of American College Students invest in cryptocurrency with financial aid funds JPMorgan: 22% of institutional investors think the company will buy cryptocurrency in the future& Young: hackers can steal US $1.5 million from cryptocurrency every month New record check point: cryptocurrency mining attacks against IOS devices rise nearly 400% coinmarketcap: in November 2017, the total scale of global cryptocurrency exceeded US $300 billion juniper Research: cryptocurrency is on the verge of collapse Bernstein: cryptocurrency exchange revenue is expected to double in 2018

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