Saturday, May 30, 2020

Bitcoin Education Is Key To Crypto Adoption, Survey Reveals

A survey report of Gold IRA guide, a magazine focused on precious metals published recently reveals that an increase of crypto education is key to crypto adoption.

The Need To Increase Bitcoin Education

Gold IRA guide survey involved asking a group of 1,000 retirees aged 50 and above a few questions about bitcoin. The questions include If they knew about bitcoin? If they had invested in bitcoin? And why haven’t they invested in bitcoin?

The general perception that is prevalent is that people of older age are skeptical about bitcoin and Cryptocurrencies in general. However, the survey proved this wrong. The survey showed that there are a few retirees in the united states that are invested bitcoin. Three percent of those involved in the survey noted that they had Invested in bitcoin, but the statistics of the survey shows that there are still potentials to be exploited with education.

Usually, the US retirees are very much disposed to investing in American businesses and stock exchange, and they are a huge target for venture funds and start-up funding. This makes them a potential target for the crypto space.

Meanwhile, the relative increase in the bitcoin investment has been due to the legalization of many crypto exchanges by the internal revenue service IRS, the tax regulatory body of the united states government.

The survey also shows that about 32 percent of the survey participants had no idea of what bitcoin is all about. This shows potential investors; however, it must be noted that they will not invest their hard earned money on an investment they do not understand. Hence the need for educating people about bitcoin investing as noted in the survey that “Bitcoin needs to do much more to educate the retirees about it as a currency, technology, and investment.”

Also, over 3.5 percent of those surveyed seemed to be interested in bitcoin but noted that they do not know how to invest. This further proves the need to get people informed on how to invest in cryptocurrency. Though more than half of those surveyed stated that they know what bitcoin is all about but are not interested in investing, it shows education on the advantages of crypto investing still has a long way to go.

Distinguishing Crypto Investment From Ponzi Scheme

The influx of Ponzi scheme into the crypto space and the image given to the industry by some top institutional investors such as warren buffet and Chalie Monger has made many uninterested in investing in cryptocurrency.

However, the bad image given to the industry can only be undone with appropriate education of people on what the industry is all about. Just like Pierre Richard the founder of Bitcoin Lightning Power User in this regard said: “People didn’t understand it. They didn’t know why it’s valuable. They didn’t understand how to use it. I think we need a lot more [education]”

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