eToro, a social trading platform, recently released the findings of a survey which covered a wide array of questions concerning interest in cryptocurrency.
eToro commissioned independent market research firm Provoke Insights who studied 1,000 Americans. The researchers concluded that despite the crypto market being taken to the cleaners, there was still a high demand for education on cryptocurrency, and this demand is currently being left unsatiated due to the shortage in the cryptocurrency educational materials in circulation.
For instance, about 69 percent of the people who engaged in the survey, including those who have some form of investment in cryptocurrency, reported that they were genuinely interested in getting more knowledge about digital assets in general. Of those who didn’t have any crypto investments, 75 percent said that they know next to nothing about cryptocurrencies. At the same time, the same response was observed from about 20 percent of respondents who had cryptocurrencies
More interesting is the fact that among the people who said that they didn’t know anything about cryptocurrencies, almost 50 percent said that this lack of knowledge is the precise reason why they have refrained from making any investments in any digital asset.
Significantly, 97 percent of millennials in the survey, who were reported to have crypto investments, said that even though things seem to be in a downturn, they will still like to learn more about cryptocurrencies.
Concerning the male-female division, 74 percent of women stated that they didn’t have any knowledge of cryptocurrencies, while 54 percent of men gave the same response. However, the two sexes indicated a desire to learn more about cryptocurrencies. According to the survey, 61 percent of both men and women were interested in getting a more in-depth education on cryptocurrencies.
Education has proven to be a major factor in determining the involvement of people in the crypto market. Forty-four percent of online investors in the survey responded that they weren’t trading in crypto because they lacked sufficient education about it, with 40 percent of millennials who don’t invest in crypto blaming their non-involvement on a lack of education as well.
Guy Hirsch, U.S. managing director, eToro noted in the release that the downturn in the fortunes of the market had not tanked investor’s interest as some analyst might make it seem.
“Online investors are still keeping their eye on cryptocurrencies, but this survey revealed that there is a serious lack of educational resources available to those who would like to invest in or learn more about crypto. As we move toward a future where assets will become increasingly tokenized, it’s important to give investors access to the resources they need to invest in the assets they want and truly consider crypto assets as part of their long-term investment plan.”
The available resources on crypto assets are also in short supply. Sixty-seven percent of investors responded that they learn about crypto from observing trends on their trading platforms, while 43 percent claimed that they usually turn to social media for assistance. Responses also showed that YouTube and crypto-related chart rooms are the most commonly used social media platforms.
The survey also revealed that the top three barriers to crypto investment are price volatility, the fear of fraud or scams and a lack of education.