New research suggests that those gambling at harmful levels are almost five times more likely to own cryptocurrency than the general population and are more likely to experience negative impacts as a result of trading cryptocurrency.

The findings were analysed from a YouGov survey of over 4,200 UK adults commissioned by charity GamCare.

The study said that 11 per cent of the general population were likely to own cryptocurrency but the figure rose to 51 per cent for those gambling at harmful levels.

The study also revealed that investors of cryptocurrency are more likely to report they have lost money on their investments compared to those who gained money.

Harriett Baldwin MP, Chair of the Treasury Committee, said: “The Treasury Committee recently took a close look at the state of the cryptoasset market.

“The sharp peaks and drops in the value of cryptocurrencies clearly demonstrates the risks speculating on them can pose to consumers.

“Trading of cryptocurrencies, like bitcoin, is equivalent to gambling. By betting on these unbacked ‘tokens’, consumers should be aware that all their money could be lost.”