Meanwhile, ownership of cryptocurrency has risen steadily in recent years, with almost one in ten Brits now owning some form of the digital tokens, according to the Financial Conduct Authority.ĭeclining public interest in the stock market has contributed to fears that London is entering a “doom loop” where its fading significance becomes self-reinforcing. He quoted research by think tank New Financial, which showed the share of UK households who own stocks and shares has more than halved from 23pc in 2003 to 11pc in 2022. Mr Afolami, speaking at a Bloomberg event, said encouraging this cohort to invest in stocks could trigger a “capital markets renaissance”. “I think clearly, a lot of them, if we made the mainstream financial market attractive enough, will do that and that will help the flow of capital into our capital markets.” Let’s try and get them into the mainstream financial markets. “The holders of crypto assets are overwhelmingly skewed toward people under 40. So the question we are going to ask ourselves is why are they not doing it in mainstream financial markets? They’re not people who don’t want to take risks. Mr Afolami said: “Those are not people who don’t want to invest. (Boston Globe)ĬLIMATE: Maine’s state climatologist says climate change is the main reason every season over the last century has seen more precipitation.The London Stock Exchange should court a generation of cryptocurrency investors to revive its fortunes, the City minister has suggested.īim Afolami said encouraging the six million people in Britain who own crypto to buy stocks and shares would help to improve the London stock market’s attractiveness on the world stage.
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