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

In a comprehensive quantitative and qualitative study of 2,132 consumers, the Financial Conduct Authority (FCA) found "potential harm" as more than 70% of consumers do not understand cryptocurrency. The regulator 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 completed "deep research" before purchasing, while 16% bought crypto without doin...