You Don’t say! 60% of People Still Don’t Understand Crypto.
According to a worldwide survey, nearly 60% of people cannot grasp the concept of crypto. Even though they are unfamiliar with crypto assets, a growing number of individuals are now slowly becoming more intrigued by investments and are engaging with them within the virtual currency ecosystem and blockchain space.
A recent report published by the consumer strategy analytics firm, Toluna, noted that 57% of survey respondents were aware of cryptocurrencies, earning them the second most well-known capital market category right behind equities.
Despite the respondents’ broad and extensive knowledge, 10,500 of them, who were between the ages of 18 and 64 and hailing from four regions and 19 marketplaces, declared that they did not understand what cryptocurrency was, according to the results of the study.
However, about 42% of those who participated in the cryptocurrency space want to raise the amount of the crypto holdings they own over the course of the coming six months. Despite the current fluctuations in the crypto market, about 81% of participants have stated that they planned to either boost or maintain the percentage of their investments made in cryptocurrencies over the coming six months.
60% of People Still Don’t Understand Crypto Enough
Even after over a decade of growth and engagement, many people still cannot fully comprehend the crypto buzz. Of course, it is easier to understand the hype for a crypto investor, trader, or enthusiast. However, when it comes to the general populace, the gap is still quite wide when discussing what crypto actually is.
In fact, those who have not made any cryptocurrency investment have claimed that they do not fully understand what they are and do (32%) and that they do not have enough security (28%).
Considering how potential short-term and long-term profits can draw in many participants, nearly half of those surveyed from around the globe (42%) initially assumed investing in cryptocurrency was a dangerous act.
Emerging Economies Have Increased Confidence in Digital Assets
Individuals from various developing markets continue to have a more favorable perception of cryptocurrency and its investments than the participants from mature markets. However, in richer nations, blockchain and crypto assets are viewed with greater skepticism.
People have been participating in the crypto industry and buying virtual assets for various reasons. The reasons include the potentiality of long-term sustained growth (36%), short-term rapid expansion (35%), broader portfolio diversification (30%), usage as payment methods for digital purchasing (25%), the freedom from governmental regulation (11%), security and insurance against the breakdown of traditional assets (16%), and general anxiety about missing out (15%).
The common notion of cryptocurrency among the general public is still one of positivity, and many prospective buyers are interested in shifting to the world of cryptocurrency; this is especially accurate in growing markets within the regions of Latin America and Asia.