EToro Survey Identifies Lack Of Knowledge As Biggest Barrier To Crypto Investingbr>
Education is the key barrier preventing online investors from purchasing cryptocurrencies, according to a survey conducted by global investment platform eToro.
The nationwide survey of 1,000 online investors between the ages of 20 and 65 found that proficiency in the cryptoasset class is still low. 75% of those who do not hold cryptocurrencies said that they are not knowledgeable about cryptoassets. 20 percent of those who did hold cryptocurrencies said the same. 69% of all respondents said that they were interested or very interested in more crypto education, while 44% said that a lack of educational resources is the main reason for not trading crypto.
“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,” said Guy Hirsch, the US managing director at eToro. “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 survey also found that 97% of both Millennial and Gen X crypto traders said they are interested in learning more about cryptocurrencies. 73% of Millennials said they were more likely to invest if advised by a financial advisor, along with 58% of Gen X and 49% for Baby Boomers.
“This makes sense as the top of the Millennial generation is approaching 40 and is starting to accumulate a significant amount of wealth and are looking at their investments over the long-term, said Hirsch. “Financial advisors have a lot of opportunity to tap into crypto as an asset class. There is clearly a demand – especially among Millennials – to include crypto assets as part of a long-term investment strategy.”
The survey also shows that women tend to trade less than men. While 41% of men identified price volatility as the top barrier to trading crypto, 51% of women identified the lack of education or knowledge as the top reason for not trading. 61% of both genders were interested or very interested in more crypto education.