Survey: Interest in cryptocurrencies still strong in spite of bear market
A large number of Americans are interested in making cryptocurrency purchases in the future, even with prices of many coins declining during 2018.
The nationwide online survey from global investment trading platform eToro U.S., found that 69% of respondents expressed interest in cryptocurrencies, or interest in learning more about them. 1,000 people, aged 20-65, were provided the survey questions last September.
97% among millennial and Generation X respondents said they would like to learn more about cryptocurrencies, which eToro in its press release said pointed to “a big opportunity to provide more formal training and structured resources.”
The biggest hindrance to investing, with 44% of respondents saying so, was a lack of education on the matter. Even among cryptocurrency investors, one-fifth said they believed they needed to improve their understanding.
eToro U.S. Managing Director Guy Hirsch said that the fall of cryptocurrency prices over the past year “has not stymied investors’ interest in the asset class and its potential. 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.”
Among millennials, who were found to be the most knowledgeable on the subject, 40% cited education as a primary hindrance to investing.
Dividing the results by the sexes, 54% of men admitted to not being well-versed in cryptocurrencies, compared to 76% among women. 51% of women gave such lack of education as the top reason for not investing, while for men, the main reason was volatility in coin prices, with 41% of them stating this. A relatively small 39% of male respondents gave education as the primary reason.
Hirsch said of the results, “The investment gap between men and women is still quite stark… [W]e are beginning to see companies provide more financial services tailored specifically for women,” adding that providing more education and resources would help “women feel comfortable tapping into the asset class while it is still in its relative infancy.”
Different generations had varying attitudes to hiring a financial advisor, with millennial investors most open to doing so.
Among those currently not planning investments, 73% of millennials said they would more likely invest in cryptocurrencies with a financial advisor, while 58% of Gen X and 49% of Baby Boomers indicated the same.
Hirsch said the results were “encouraging,” with millennials considering long-term investments as they approach 40. “Financial advisors have a lot of opportunity to tap into crypto as an asset class. There is clearly a demand,” he said.
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