UK investors have been trading in gains made on their Bitcoin and Dogecoin for property, a new survey has revealed.
Property is fast becoming one of the most popular investment choices for cryptocurrency investors, with an uplift in those using gains made on the wild swings of the crypto market to fund purchases within the buy-to-let sector.
While 85 per cent of investors said that they ‘hodl’ coins and keep their gains invested in the crypto market, data by Nationwide buy-to-let specialist, Sequre Property Investment showed that 15 per cent skim off profits and put them in assets seen as more stable.
“Within the industry, buy-to-let property is one of the most profitable and immediate pathways to good investment and, despite the UK government’s attempts to dampen profit margins, crypto investors are looking to the sector to balance their portfolios,” said Daniel Jackson, sales director at Sequre Property Investment.
“Property, with its solid value and good returns is, unsurprisingly, second only to stocks as the most popular crypto investment asset,” Jackson added, referencing data which showed 28 per cent of investors put crypto gains into stocks and shares whilst 21 per cent invest in property.
The news comes after a year of record gains for some of the crypto market’s most popular coins.
The price of the meme based currency Dogecoin has soared by 5,175 per cent. Meanwhile, Shiba Inu, a rival meme-coin based on the popular Japanese hunting dog has burst onto the scene as another favourite of retail investors, climbing a staggering 70,429,333 per cent compared to an all-time low reached on 28 November last year.
The world’s oldest and most popular digital currency, Bitcoin, touched a new all time high above $69k earlier this month.
Read more: India poised to ban private crypto ownership with stringent bill