A new study shows that Brits are more willing to invest in cryptocurrencies than in traditional stocks or stock-based investments.

A poll by British investment firm AJ Bell showed that 7% of British adults reported having bought cryptocurrency during the past year, compared with 5% who invested in ISA (Individual Savings Account) stocks and shares. ISA Shares and Shares is a type of savings account that allows users to make investments without paying any income or capital gains tax.

The survey was conducted by the online marketing research tracker Findoutnow, which involved 1,269 respondents. Leith Khalaf, financial analyst at AJ Bell, noted that his results contradicted conventional wisdom:

When more people buy cryptocurrency than invest in the Isa stock market, we must conclude that the world is crazy about cryptocurrencies.

The survey showed that crypto investors are predominantly men under 35, with 71% of them already making a profit from their cryptocurrencies. 12% said they suffered losses last year. Interestingly, 17% do not fix for themselves whether their investments in cryptocurrency are successful or unprofitable.

The poll contrasts sharply with a March study by British think tank Parliament Street, which found that 52% of 2,000 respondents said they were more likely to invest in the stock market and traditional assets like gold than in cryptocurrencies. A third of respondents are confident that they have already missed the opportunity to invest in crypto assets.

AJ Bell's new study found that young people are better at understanding cryptocurrencies and understanding their technology, although analysts at a financial company do not share their optimism:

It looks like some consumers dive deep with cryptocurrencies before learning how to swim in shallow water.

Khalaf recommended investing in a diversified portfolio with a small share of cryptocurrencies.