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Lots of Interest in Crypto, But 60% Say They Don’t Understand It, Survey Finds, Even As…

10/31/2022 CUTodayu

WILTON, Conn.–Cryptocurrency investors are attracted by the opportunity for growth, but a high level of skepticism and lack of understanding remains, according to new research.

In fact, 60% of respondents to the survey of more than 10,000 people admitted they don’t understand cryptocurrency

The research by consumer insights provider Toluna surveyed people between the ages of 18 and 64 years from four regions and 19 markets to understand consumer perceptions around cryptocurrency during August 2022. The survey builds on previous waves of research carried out in December 2021 and June 2022, and examines how perceptions of cryptocurrency have continued to develop and change over time, the company said.

Toluna Crypto

The 10,500 survey respondents came from people in  Australia, Singapore, Hong Kong, Thailand, Philippines, India, Malaysia, Indonesia, Vietnam, US, UK, France, Germany, Spain, Italy, UAE, and Brazil; with China also among the list of countries surveyed in APAC for this wave.  

Key Findings

Despite the temptation around both short- and long-term growth, the hesitation around cryptocurrency remains strong, with almost half (42%) of global respondents stating that crypto is a risky investment, according to Toluna.

“Respondents in emerging markets continue to view cryptocurrency in a more positive light, compared to those in developed markets where attitudes toward crypto are more skeptical,” the company said in releasing the findings.

For those already investing in crypto, loyalty remains strong.

“Despite the recent Luna & UST crashes, most existing crypto investors are still interested in crypto, seeing the potential for long-term stable growth (36%),” Toluna reported. “In fact, 42% of respondents plan to place more of their assets in crypto within the next six months.”

FOMO, But…

The survey also revealed investors are torn between FOMO and losing to a risky investment. Among the findings:

  • Cryptocurrency is the second most well-known form of investment, with 57% of respondents stating they were aware of it. Despite the high awareness, 60% of respondents state that they don’t understand cryptocurrency
  • Of those who haven’t invested in cryptocurrency, they cite that it’s too risky (42%), they don’t understand it enough (32%), and it isn’t secure enough (28%)
  • Many still view crypto as a currency for the underworld. When asked to rate agreement (scale of 0-10, with 10 being strongly agreed) with the statement, ‘Crypto facilitates illegal activities,” 45% agreed (top-5 box).
  • 47% of respondents agree that ‘Crypto can be easily converted into cash’ (top-5 box) 

Many Remain Optimistic

Despite the crashes that have taken place in the crypto market, Toluna said many remain positive, finding:

  • 81% of respondents plan to either maintain or increase the percentage of their assets invested in crypto within the next six months
  • Among those who currently invest in crypto, 42% plan to place more of their assets into crypto within the next six months
  • There are many reasons that people choose to invest in crypto: the potential for long-term stable growth (36%), short-term high growth (35%), to diversify (30%), to use as a means of payment for online purchases (25%), to avoid government regulation (11%), to hedge against traditional asset crashes (16%), and the general fear of missing out (15%) 

Additional Findings

Additional findings revealed, according to Toluna:

  • Developed markets are starting to favor crypto. The research highlighted that developed and APAC markets were experiencing a positive shift regarding their feelings of cryptocurrency and said they felt curious, optimistic, excited, inspired, and intrigued by it
  • Consumers in emerging markets claim higher familiarity with crypto (7.1/10) than their counterparts in developed markets (5.1/10)
  • Respondents in emerging markets have more trust (5.8/10) in crypto than those in developed markets (3.9/10). Likewise, they feel that it’s more secure (4.8/10) than consumers in developed markets (3.6/10)
  • Respondents in emerging markets are more likely to recommend investing in crypto (6.2/10) than those surveyed in developed markets (4.0/10)  

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