BRITS with cryptocurrency should be “prepared to lose all their money” as 2.3million have now invested in assets, the financial watchdog has revealed.

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.

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Brits have been warned about the dangers of investing in cryptocurrenciesCredit: Getty

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…

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