• Tue. Feb 27th, 2024

90% of UK Financial Advisors Do Not Advocate Meme Stocks and Cryptocurrencies



Jun 14, 2021

Ever since the cryptocurrency and meme industry made it to the United Kingdom, the regulators have not demonstrated much support for it. Instead, the regulators are mainly against cryptocurrencies and meme stocks.

The regulators in the United Kingdom literally want to ban the cryptocurrency industry in the country for good. So far, things are not turning out to be in the favor of the regulators. This is the reason why they always tend to issue warnings to the public whenever there is a dip in the cryptocurrency markets.

The regulators constantly send reminders to the locals and cryptocurrency investors warning them about the risks involved in cryptocurrency trading. They always ask them to be very careful and do not adopt cryptocurrencies at all. The regulators even sent notices to local banks advising them not to provide services to cryptocurrency firms.

On the other hand, the cryptocurrency community seems to object to the strategy adopted by the regulators. They are confident that the cryptocurrency industry is constantly growing in the United Kingdom and more people are moving to the industry.

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However, a recent poll conducted by Opinium, a research firm seems to be telling a different story. Opinium had reportedly carried out a poll among 200 independent financial advisers (IFA) in the United Kingdom.

The results from the poll show that more than 90% of the IFA in the UK are not up for cryptocurrencies. They have polled negatively when asked if their sentiments are in favor of cryptocurrencies or not. Out of the 200 participants, more than one-third of the participants have confirmed that their clients have enquired about cryptocurrencies.

While the cryptocurrency-related inquiries were too few by the clients of the UK IFA in 2020, the inquiries have increased significantly in the year 2021.

One of the top reporting firms Reuters has shared a detailed analysis around the recent survey held among the 200 IFAs. According to the survey results, 93% of the independent financial advisors IFAs would not go for cryptocurrencies.

These IFAs have confirmed that they would not go with the idea of recommending cryptocurrencies in any way. According to the IFAs, cryptocurrencies are extremely volatile digital assets without any physical presence.

No matter how lucrative or promising the cryptocurrencies may seem, they can never match gold or fiat as they have physical existence. This is the reason they would never recommend cryptocurrencies as they do not want to put the funds of their investors at a risk.


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