• Fri. Feb 23rd, 2024

Glasgow Named UK Crypto Capital, Ahead of London & Manchester

ByAdam Myles

Jun 28, 2023
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GLASGOW IS CRYPTO CAPITAL OF UK, AHEAD OF LONDON AND MANCHESTER

  • Glasgow is the crypto capital of the UK – with 15% of the local population investing in the virtual currency, more than London (12%), Birmingham (11%), and Manchester (11%)
  • London remains the investment capital, with nearly two-thirds of Londoners investing in some capacity – above the 44% national average
  • 17% of 18-34-year-olds own cryptocurrency, almost double the national average (9%)
  • 89% of those aged 18-34 have concerns over investing their money – including a fear of losing too much and lack of investment knowledge

Glasgow is the cryptocurrency capital of the UK, with one in six people (15%) in the Scottish city owning virtual currency, more than anywhere else in the country, according to new research by Forbes Advisor[1].

The study analysed Brits’ investment habits, revealing that many people in Scotland’s largest city are putting money into crypto, with a higher percentage of crypto market participants than London (12%), Birmingham and Manchester (both 11%).

London still remains the UK’s hub for overall investing activity, with 64% of the capital’s residents holding investments of any kind, such as shares, bonds and other assets such as commodities[2] – far above the national average of 44%. Belfast, meanwhile, has the lowest percentage of investors, where just 17% hold any investments.

When it comes to how the public are investing in the UK overall, 22% are funnelling cash into stocks and shares ISAs, making this the most popular investment type in the country.

However, cryptocurrency proved popular with the younger generation, with 17% of 18-34-year-olds holding the virtual currency, almost twice as much as the national average of 9%.

Brits Top Five Most Popular Types of Investment

Rank Type of Investment/holding Percentage of Brits
1 Stocks and shares ISAs 22%
2 General investment account 14%
3 Property 11%
4 Cryptocurrency 9%
5 Bonds and fixed-income securities 8%

Source  Forbes Advisor

More than half of 18-34-year-olds (55%) said they invest via phone or computer, while just one-in-ten (10%) said they use a financial advisor or broker.  About one in seven from this demographic (15%) admitted to worrying about being misled, or being given poor advice from an expert, compared to just 12% of respondents aged 34 to 54.

Other concerns for younger investors include losing all or part of their money (27%), while 13% of time-poor 18-34-year-olds can’t find a moment in the day to invest.

Most Common Investment Concerns Amongst 18-34-year-olds

Rank Concern Percentage Of 18-34 yo’s
1 Losing all/part of my money 27%
2 Investing a lot, for very little return 21%
3 Not being able to access my money when I need it 18%
4 A financial advisor misleading me/giving me poor advice 15%
5 It is too time consuming 13%

Source  Forbes Advisor

Andrew Michael, Investment Expert at Forbes Advisor says: With a track record going back over a decade, cryptocurrencies – and the blockchain technology which underpins them – are clearly more than a passing fad. 

But they remain widely misunderstood by many people, and are the subject of regular consumer warnings from the UK financial watchdog, with doubts persisting about their genuine value and practical use.”

“That said, the rise of crypto has not prevented millions of UK investors from holding, on average, a few hundred pounds in digital currencies.”

“As our idea of the typical investor and what they invest in transforms, attention turns to how investment decisions are made as well as what information influences those decisions.”

With an overwhelming amount of information available online, younger Brits are now more likely to worry about the potential to be misled by bad financial advice, or getting caught up in a fraudulent investment scheme.”

“This is unsurprising with consumers now able to invest quickly and easily at the tap of a screen, potentially without properly researching an investment in question first, or being warned of the financial dangers involved.”

Forbes Advisor hosts useful articles and data-driven pieces on a number of topics, providing guidance on how to access investment markets, and which trading platforms to consider.