The Most Powerful Cryptocurrency Brands

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Written by

Pantera

Bitcoin Is Cash

10 months ago

Topics: Crypto, Cryptocurrency, Bitcoin Cash, Ethereum, Bitcoin, ...

Analysis Of The Yearly FCA Survey And Research (UK 2023).

The British Financial Conduct Authority (FCA) conducts yearly consumer research in the UK regarding cryptocurrency adoption and questions thousands of participants using the YouGov survey methodology.

The research presents solid information that we should consider regarding the perspective and potential of the crypto domain.

Therefore, we have to note immediately that only three cryptocurrencies seem to have wide recognition in the UK, while the rest struggle with low brand recognition rates.

These three cryptocurrencies are Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH), with all the rest failing to catch up.

We will examine parts of this survey that distinguish cryptocurrencies between the top ones and a few that recently emerged and analyze the facts the statistics suggest.

The 2023 FCA Report Analysis

This is the fourth consecutive year the FCA conducted this survey and announced its findings.

The report was released in 2023 and contains quantitative research data from surveys conducted in August 2022, at a point when the prices of cryptocurrencies were standing at the bottom.

Through our analysis of the FCA 2023 report, we aim to compare the leading cryptocurrency brands. Thus, we do not delve into other aspects of the research.

The survey was conducted using a random sample of 2337 UK adults, grouping out 185 who responded they never heard of cryptocurrencies, leading to a total sample of 2152.

Anyone interested can find the full report here: Survey link.

Brand Awareness:

Recognising types of cryptoassets

There are over 21,000 different cryptoassets available.

a) Bitcoin remains the most recognised cryptoasset, with over three-quarters (78%) of respondents having heard of it.
b) A quarter of respondents (27%) are familiar with Ether (Ethereum) and
c) 1 in 5 (22%) recognised Bitcoin Cash.

Bitcoin is the dominant brand, being recognized by 80% of participants.

From the chart, we can immediately extract the information that Ethereum and Bitcoin Cash are two of the most recognized brand names in the crypto industry, and this brand awareness is increasing year by year.

Also, Ethereum managed to surpass Bitcoin Cash in 2022, probably due to the meteoric rise of its price (and utility with Defi, NFTs, and smart contracts), and is now considered the second most recognized crypto "asset" in the UK.

Bitcoin Cash is third with 22%, with a constant and stable increase in brand recognition pointing to a positive reaction to developments and progress by the public.

After that point though, the gap is vast, with Litecoin, BSV, BNB, and Tether (stablecoin) only achieving a little more than 10%, while XRP's brand recognition is even lower.

Out of all participants in the survey, it appears that Bitcoin, Ethereum, and Bitcoin Cash are the most known cryptocurrencies, while the rest seem to be struggling.

Holdings and Holdings by value

Keep in mind that although this first chart provides insight into the popular cryptocurrencies held by individuals in the UK, it doesn't indicate the seriousness of investment attached to each coin.

For a more comprehensive analysis, the second chart offers a clearer understanding of the gravity of investing in each particular cryptocurrency.

It is prudent to rely on the second chart for a more accurate conclusion.

Holdings by value is a mirror that reflects the market cap, awareness, marketing, and utility of these top cryptocurrencies.

However, the category of cryptocurrencies that holds the most significance is the one with an investment value of £10,000 or more.

We observe that Bitcoin (BTC) and Ethereum are the most commonly held cryptocurrencies in this category.

Bitcoin and BTC have already grown in market caps worth hundreds of billions of dollars and top all survey statistics, so the most important details we can extract come from the rest of cryptocurrencies in this UK-based research.

Bitcoin Cash (BCH) and BNB (Binance Coin) are the next top cryptocurrencies in the £10,000 or more category, with stablecoin Tether (USDT) right behind them.

This research has revealed an interesting finding that Bitcoin Cash investors holding more than £10,000 outweigh most of the other assets (except Ethereum and Bitcoin-BTC). However, in market cap terms, BNB, XRP, LTC (and several more cryptos) hold a higher value than Bitcoin Cash.

The FCA study seems to suggest an unusual inconsistency in the valuation of Bitcoin Cash.

Despite unfavorable market conditions in 2022, many big investors have been increasing their holdings of Bitcoin Cash, indicating that they see it as an undervalued asset with significant potential for growth.

This fact highlights a potential opportunity for those who may be interested in investing in Bitcoin Cash while the price remains relatively low.

Ripple (XRP) seems to be gaining traction among small-scale investors, but it appears to be struggling to attract high-value investors willing to invest at least £10,000. This suggests that Ripple has not yet been successful in enticing top-quality investors, at least not in the UK.

It is interesting to note that, during this FCA survey, no BSV owner in the UK disclosed holding more than £10,000 worth of this cryptocurrency, therefore, this crypto asset is deemed insignificant by the broader investing spectrum in crypto.

In Conclusion

Cryptocurrency did not manage to penetrate the payments market where Visa, Mastercard, and Paypal dominate combined with the banking established systems of payments.

While the initial purpose of Bitcoin (BTC) was that, it appears that only Bitcoin Cash and a few other cryptocurrencies lower in popularity than Bitcoin Cash are still trying to open this market and gain an advantage.

Furthermore, it appears that new users take a while to begin their research and education on the use of cryptocurrency.

Finally, it is worth noting that the survey overlooks the concept of self-custody and the use of cryptocurrency in a peer-to-peer approach, aspects that together with censorship resistance and the borderless and permissionless nature, are fundamental details that provide immense significance and value.

The full survey can be found here: Survey link

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