Among the many complications associated with cryptocurrencies like Bitcoin (BTC), Lack of knowledge and understanding of crypto is the biggest obstacle to its wider adoptionAccording to a new poll.
The Economist Intelligence Unit, the research and analysis division of the Economist Group, released a new report called “Digimentality 2021”.
The study was commissioned by the major cryptocurrency and payments platform Crypto.com and includes a consumer survey of 3,053 people that was conducted between February and March 2021.
According to the results of the survey, 51% of respondents stated that lack of knowledge was the main obstacle to the adoption of open source cryptocurrencies such as Bitcoin and Ether (ETH), while 34% of respondents stated security concerns as the main obstacle and 29% stated difficulties in knowing where cryptocurrencies to to buy.
Regarding the adoption of cryptocurrencies by institutional investors and corporate coffers, 47% of respondents said that general market confidence or understanding of digital currencies is the biggest barrier to adoption. Around 32% of respondents cited crypto rules as the main obstacle to wider institutional adoption, while 43% and 36% said financial market structures and asset volatility were the main obstacle.
The survey also found that 55% of respondents knew cryptocurrencies even though they did not own or use them. “The more people accept and access digital wallets, the greater the number of people who have access to and invest in cryptocurrencies.”Mathew McDermott, Global Head of Digital Assets at Goldman Sachs, said in the report.
According to a recent Gemini survey on cryptocurrency exchanges, nearly two-thirds of adults in the United States would be interested in learning more about cryptocurrencies or owning them soon.