FCA: 'Get rich quick' crypto investors do not understand the asset

Amid increased scrutiny of the asset class

Investors in cryptoassets like Bitcoin are often looking to "get rich quick", despite knowing little about the asset or doing no research before buying, Financial Conduct Authority (FCA) research has suggested.

In a comprehensive quantitative and qualitative study of 2,132 consumers, published on Thursday (7 March), the FCA found "potential harm" as more than 70% of consumers do not understand cryptocurrency. Crypto dilemma: Are there any genuine opportunities in digital currency? The FCA said: "Despite this lack of understanding, the cryptoasset owners interviewed were often looking for ways to 'get rich quick', citing friends, acquaintances and social media influencers as key motivations for buying cryptoassets." Its research found just 8% of all cryptocurrency owners said they complete...