In a new survey, 18% respondents said that educating more about the advantages of investing in cryptocurrencies was the most efficient method to go from being sceptical to becoming a crypto supporter.
On one hand, some individuals trust in cryptocurrencies’ long-term prospects. On the other hand, some are afraid to invest due to various risks such as unpredictable price and limited applications, environmental damage, and regulatory concerns, according to the survey.
Reason for not buying cryptocurrencies
A total of 1,172 participants aged 18 and up took part in the survey, which comprised Gen Z, Millennials, Gen Xers, and Baby Boomers. It included samples from 172 to 333 participants. All of them were “no coiners,” or those who had not yet invested in cryptocurrencies, according to the survey.
According to the survey, the most common cause for not buying cryptocurrencies was a lack of knowledge across all generations. 42% said that they don’t “understand their significance.” Whereas cryptocurrencies’ volatility frightened away 39% of respondents.
This should be unsurprising, given the growth in economic fraud, DeFi exploits, and stunning collapse of Terra (LUNA) last week.
Better regulation for cryptocurrencies
Consumer protection is the first priority for regulators, and it’s clear that they’re having trouble keeping up with a fast-paced industry. Although regulation exists, it is unorganized. With the public becoming much more knowledgeable about cryptocurrencies, better regulation in this sector may come. Experts feel that in order to promote acceptance, crypto companies should collaborate with authorities.
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