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Lack of knowledge is the main obstacle in adopting crypto, new survey says barrier

According to a new survey, among the many complexities associated with cryptocurrency like bitcoin (BTC), the lack of information and understanding of crypto is the biggest obstacle to widespread adoption.

The Economist Intelligence Unit, Research and Analysis Division of The Economist Group, Released A new report titled “Digimentality 2021”.

The study was commissioned by the leading payment and cryptocurrency platform Crypto.com and includes a consumer survey of 3,053 people conducted from February to March 2021.

According to survey results, 51% of respondents said that lack of knowledge is the main obstacle to adopting open-source cryptocurrencies such as Bitcoin and Ether (ETH), while 34% of survey participants cited security concerns as the main obstacle, and 29% reported Indicated difficulties in knowing where to buy crypto.

In terms of crypto acceptance by institutional investors and corporate treasuries, 47% of respondents stated that overall market confidence or understanding of digital currencies was the biggest adoption barrier. Some 32% of surveyors cited cryptocurrency regulations as a primary barrier to widespread institutional acceptance, while 43% and 36% stated that financial market structures and asset volatility were the biggest barriers, respectively.

Source: The Economist Intelligence Unit

The survey also stated that 55% of the respondents were aware of cryptocurrency even if they were not owned or used. Matthew McDermott, global head of digital assets at Goldman Sachs, said in the report, “As more people adopt digital wallets and have access to them, you can see that the number of people investing in cryptocurrencies is increasing. “

According to a recent survey by the Gemini Crypto Exchange, about two-thirds of adults in the United States are interested in learning more about cryptocurrencies or holding them soon.

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