Over 60% of people don’t understand crypto, global study reveals

More and more individuals are interested in investing in the cryptocurrency and blockchain space, despite their lack of familiarity with digital assets.

Interestingly, 57% of people said that they were aware of cryptocurrency, making it the second most well-known type of investment after stocks, according to the findings of a recent survey carried out by consumer insights provider Toluna who shared the statistics with Finbold on October 11.

Despite the widespread awareness, 60% of respondents said that they did not understand cryptocurrencies as per the responses of 10,500 people between the ages of 18 and 64 years from four regions and 19 markets.

Still, 42% of individuals who invest in the cryptocurrency market have the intention of increasing the proportion of their assets that they hold in crypto during the next six months. In spite of the continuous volatility in the cryptocurrency market, a total of 81% of respondents intend, during the next six months, either to keep the same amount of their assets invested in cryptocurrency or to grow that percentage.

32% don’t understand crypto well enough

People who haven’t invested in cryptocurrencies say that they don’t understand it well enough (32%) and that it isn’t secure enough (28%).

Almost half of global respondents (42%) said crypto is a risky investment, despite the allure of potential short- and long-term gains.

Emerging markets more optimistic about crypto

When compared to respondents in developed markets, people in emerging markets continue to have more optimistic sentiments regarding cryptocurrencies. On the other hand, opinions toward crypto are more skeptical in developed nations.

People opt to invest in cryptocurrency for a variety of reasons, including the possibility for long-term steady growth (36%), short-term fast growth (35%), to diversify (30%), use as a method of payment for online transactions (25%), to escape government control (11%), to hedge against conventional asset collapses (16%), and the overall fear of missing out (15%)

The general attitude toward cryptocurrencies is still one of optimism, and there are a great number of prospective investors who are interested in making the transition into cryptocurrencies; this is particularly true in developing markets in Asia and Latin America.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.