New data from the Financial Conduct Authority shows the number of people piling cash into crypto investments is up 21% from 1.9million last year.
But only roughly a third (38%) consider it a gamble to invest, despite experts warning about the dangers of doing so.
While you should never put your money into something you don’t understand, the FCA found only 71% of Brits know what “cryptocurrency” actually means.
Worryingly, half (53%) said they’re planning to invest more after having a “positive experience so far”, up from 41% last year.
This is despite reports of Brits losing hundreds of thousands of pounds to crypto scams.
FCA consumers and competition executive director Sheldon Mills said that while there is…