Why do Investors in UK Prefer Crypto over Oil and Gold?

Paigambar Mohan Raj
Source: Pexels

According to a recent poll by OnePoll via Tokenise, investors in the UK leaning towards new asset classes are increasingly displacing traditional finance. The ease of use and the market’s potential for expansion is the driving force behind this growing adoption.

According to the results, 81% of the 2,000 surveyed chose tokens as a more secure and safer investment than stocks, real estate, gold, and oil. 

24% of those polled expressed interest in investing in tokens and non-fungible tokens (NFTs) in 2022. This is a watershed moment in token acceptance in the United Kingdom. As a result, an increasing number of cryptocurrency exchanges and providers have sprung up to take advantage of the growing interest in cryptocurrencies.

The NFT space has made the realm of crypto open to musicians and artists. This has further expanded the reach of crypto to their fan bases. Approximately 55% of existing cryptocurrency investors in the United Kingdom were attracted to the market through influencer marketing via artists, singers, and collectors, while 49% were drawn in by the possibility to make purchases through app-based marketplaces.

Are we going through a paradigm shift towards crypto?

There is no doubt that crypto has gotten more popular over the bull run of 2021. The markets saw an influx of many new young investors out to make their big break. 

The most prominent group of people who choose to invest in tokens and NFTs over typical sought-after investments are mostly between the ages of 18 and 24. They account for 46% of the group.

It is quite known that crypto is a young person’s game. That is not to say that older investors are not welcome, or don’t do well. But crypto is more appealing to the tech-savvy youth of today. 

Moreover, the current conflict between Russia and Ukraine has had a detrimental effect on the traditional stock markets. Oil prices have shot up, and traditional investments seemed unsafe, or unrewarding. This led many to want to put their money into digital assets such as crypto and NFTs. Although the crypto market, too, went through a downtrend, people are still leaning towards this asset class.