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London Draws Level with Crypto Capital, Zurich, for Cryptocurrency Ownership

1 in 10 Londoners Hold at Least One Type of Cryptocurrency

Research across 17 European countries by GlobalWebIndexin partnership with Bitpanda, finds 1 in 10 Londoners (11%) hold cryptocurrency, drawing level with rates of ownership in the Swiss capital.

Compared to the average internet user in Europe, cryptocurrency holders are more likely to be educated to a postgraduate level and in the top income decile. While most are men, one in every five cryptocurrency owners are female, challenging other surveys showing gender distributions that were more than 90% male.

In terms of their professional life, female cryptocurrency holders are nearly 7x as likely as the average woman to work in management consulting and nearly 5x as likely to be in software development.

Jason Mander, Chief Research Officer at GlobalWebIndex, comments, “When it comes to attitudes, there’s very little difference between men and women. Male cryptocurrency holders are somewhat more likely to say they feel positive about the future of the economy, to say they are risk takers, and to say they value having the latest technological products when they’re compared to their female counterparts. But this difference pales when we compare cryptocurrency holders to the general public.”

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A safe-haven asset?

Cryptocurrency has often been promoted as a safe-haven asset, insulated from theft, inflation and so on. In fact, cryptocurrency owners are far from risk averse. They have an outsized interest in gambling, are 20% more likely to own credit cards and 41% more likely to have taken out a short-term loan.

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Interestingly, they are self-aware in this regard. 56% of cryptocurrency holders describe themselves as risk takers – a much higher rate than the average investor, not to mention the average internet user.

Attesting to this, the majority (51%) also admit they tend to make decisions based on gut feeling – narrow, but well above average.

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The value of privacy and VPNs

Eric Demuth, Co-founder & CEO of Bitpanda, comments, “Cryptocurrency has very much grown out of the cypherpunk movement of the 1990s, which stressed the idea of an autonomous, self-governing internet, free of surveillance and central controls. In this vein, a large majority of cryptocurrency holders say they are concerned about the internet eroding their privacy and about how companies are using their personal data.”

At a top-level, they might not express much more concern than average, but they’re still more than twice as likely to have used a VPN in the last month (42% have).

Just 28% of cryptocurrency holders who used VPNs did so for work reasons, but the most common motivation is to protect their anonymity (49%). Apart from that, entertainment and socializing are the main draw – a pattern we see across the world.

Around 1 in 4 use a VPN to access Tor browsers or to hide their web browsing from government surveillance. The number using VPNs to hide in this way is almost 3x higher than among the general online population in Europe, but it’s still a minority who are doing so.

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