Lack of knowledge hurting adoption of cryptocurrencies
To know is to adopt? A recent survey has shown that a lack of knowledge about cryptocurrencies constitutes the main stumbling block on the road to their adoption. However, partial or total ignorance is not the only possible explanation.
Knowledge is (mining) power
In collaboration with the Economist Intelligence Unit, the research and analysis division at the Economist, Crypto.com has just finished putting together a study on cryptocurrencies.
Entitled “Digimentality 2021”, it details the results of a study conducted with 3,053 participants between February and March 2021.
The results show that 51% of respondents believe a lack of knowledge about cryptocurrencies is the main obstacle preventing them from adopting open-source cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).
Over half of those questioned (55%) were aware of cryptocurrencies, even if they did not hold or use them themselves.
In the report, Mathew McDermott, the head of digital assets at Goldman Sachs, indicated: “As more people adopt and have access to digital wallets, you can just see the number who have access and invest in cryptocurrencies continues to broaden”.
A recent analysis by Gemini had already shown that 66% of the U.S’ adult population wanted to know more about cryptocurrencies or hold them in the near future.
Two other explanations
Just over a third (34%) of those interviewed mentioned security issues as an obstacle preventing them from adopting cryptocurrencies, while for 29% the issue was not knowing where to purchase them.
With regard to institutional acceptance of cryptocurrencies, close to half (47%) believed that the main obstacle to adoption resided in global confidence in the markets or the understanding of cryptocurrencies.
For 32% of respondents, the regulation of the crypto industry represented a major obstacle preventing institutional agents from openly adopting cryptocurrencies.
Finally, survey participants attributed the reticence of institutional agents when it comes to cryptocurrency adoption to financial market structures (43%) and the volatility of crypto assets (36%).
The time is now for the emergence of a ‘crypto generation’ who no longer view cryptocurrencies as a strange and unpredictable beast. The secret is education: crypto enthusiasts must explain the utility and the function of cryptocurrencies in a language for all to understand. It is vital that cryptocurrencies are not presented either as merely a speculative asset for making their investors rich or as an enemy heralding the death of fiat currencies. All sustainable growth strategies rest on popularisation and facilitation. This should be cryptocurrencies’ main priority as they aim for mass adoption.
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