‘World's gone crypto crazy!’ More Brits invested in bitcoin last year than stocks & shares

The price of bitcoin is surging on a wave of support from institutional investors and the news that Elon Musk's Tesla is reconsidering accepting payments in the world's preeminent cryptocurrency. Now a new survey conducted on behalf of DIY investment platform AJ Bell has claimed seven percent of Britons invested in cryptocurrencies over the last year. The findings reveal that more UK citizens invest in cryptocurrencies than in traditional sectors.

The survey showed that only five percent of UK nationals have invested in stocks, shares and ISAs in the past year.

The HMRC data published last week is another sign that the current cryptocurrency investing frenzy is showing no signs of slowing down.

Speaking to thismoney.co.uk Laith Khalaf, financial analyst at AJ Bell, said: "When more people are buying cryptocurrency than investing in a stock market Isa, you have to conclude the world's gone crypto crazy.

"It's possible that cryptocurrencies will ultimately prove to be profitable in the long run.

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"Then any losses won't affect your overall wealth too badly.

"Younger people do have more confidence in their understanding of cryptocurrencies.

"But, the youthful profile of crypto buyers suggests they may have accumulated few assets so far and could find their finances seriously damaged if crypto markets take a turn for the worse."

The findings of the survey were based on 1,269 respondents by online market research tracker, www.findoutnow.co.uk.

Now bitcoin has jumped back above $40,000 with the news that billionaire hedge fund manager Paul Tudor Jones is to “bet heavily on every inflation trade” with bitcoin, if the US Federal Reserve were to treat rising consumer prices with nonchalance.

Mr Jones said he would use bitcoin as a “portfolio diversifier” and a way “to invest in certainty.”

The billionaire investor was asked about whether he likes bitcoin at a certain price, he replied and said, "the only thing that I know for certain is I want to have five percent in gold, five percent in bitcoin, five percent in cash, and five percent in commodities".

He then added that "the other 80 percent would depend on the actions of the US Federal Reserve".

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