Etoro, a global investment platform surveyed to ascertain the level of people’s willingness to invest in cryptocurrencies. A total of 1,000 people underwent the study, and the result shows that most online investors have an interest in learning about virtual currencies. However, their lack of understanding has made them reluctant to invest in these digital assets.
Education, Price Volatility, and the Fear of Scam
Highlights of the survey were the lack of proper education, price volatility, and the fear of being scammed as the biggest barriers to cryptocurrency’s adoption. In the case of education, 20% of those who own these coins are willing to gain more understanding. These are people who often rely on Youtube, Telegram and other social networks to make decisions about trades.
On the other hand, about 75% of those who have never owned a digital asset, said they lacked the knowledge about them. A closer look at this data shows that 44% of all respondents who are unwilling to acquire virtual currencies, blamed it on the limited amount of information they have.
A Larger Percentage are Willingly to Learn About Virtual Assets
eToro’s study also shows 69% of participants are keen to learn about cryptocurrencies. Some of these are people who are between the millennial age (22 to 38 years), and they have easy access to the latest technologies. Nevertheless, 40% of millennials who have never invested in crypto were quick to point out that it is due to their lack of expertise in the area.
The results were also judged by sexes, where men and women outlined the factors that deterred them from investing. 41% of men attributed their lack of enthusiasm for price volatility, while 54% of women said it is because of their low proficiency in cryptocurrency. These women are also ready to learn about this modern technology.
Educational Tools Related to Cryptocurrencies are in High Demand
Therefore, the survey suggests that there is a need to provide more educational resources for learning cryptocurrencies. This is because of the high demand for education in this area judging from the results of each group. Besides, current investors usually employ financial advisors to help them make decisions about trades.
This study is also similar to LocalBitcoins’ report which was released earlier this week. The report shows that in 2018, there has been a spike in the trading volume of Bitcoin in South American Countries. Countries like Peru and Columbia have a Bitcoin trading volume that has increased 20x and 10x respectively, in comparison with 2017.