The world of cryptocurrencies is capturing the public’s attention more than ever today. This market which was once considered a niche area is now an industry in its own right. More and more people are getting used to the idea of investing in the cryptocurrency and blockchain space, despite their lack of knowledge about these assets.
However, as the market develops, it becomes easier to understand and explain to the general public. According to a recent study, around 57% of respondents said they had a decent knowledge of cryptocurrencies.
Such a result directly puts cryptocurrencies in second place on the list of the most well-known types of investment, right after stocks.
The results of the survey on the general public’s familiarity with cryptocurrencies
According to the results of a survey conducted recently by the organization specializing in the collection of consumer information Toluna, there has been a considerable drop in the number of people who are not familiar with cryptocurrencies.
Survey analytics reveal that among those surveyed, around 32% have not invested in cryptocurrencies. They say they do not understand the mechanism of operation of crypto-currencies well enough. In fact, 28% of those who took part in the survey are not sure what cryptocurrencies mean.
Globally, 42% of respondents said they consider cryptocurrencies to be a risky investment. However, they also admitted that the potential short and long-term gains presented by this industry are very attractive.
Nevertheless, while it is true that cryptocurrencies have a certain notoriety among the general public, the survey also shows that 60% of respondents said they did not understand cryptocurrencies. This percentage is the result of the analysis of responses from 10,500 people aged 18 to 64, from four regions and 19 different markets.
Emerging market interest in cryptocurrencies
Following the survey carried out by Toluna, analysts were able to confirm a theory that was already relatively well-known in the crypto world: cryptocurrencies are generally much more accepted in emerging countries.
Indeed, unlike developed countries where markets are already developed and difficult to penetrate, emerging countries are much less restricted. Moreover, the study reveals that people in emerging markets seem to have more optimistic feelings toward cryptocurrencies. It is quite the opposite of developed nations where the opinions of the populations towards crypto-currencies are much more skeptical.
In the survey report, it can be noticed that various motivations can lead individuals to choose to invest in cryptocurrencies. Nevertheless, these motivations gather in seven essential points:
- 36% believe in my possibility of steady long-term growth;
- 35% rather see the possibility of short-term gains;
- 30% rather aim to diversify their investment portfolios;
- 25% want to use cryptocurrencies as a payment method for their online transactions;
- 11% want to escape government control instead;
- 16% believe that cryptos are a hedge against the collapse of traditional assets
- The remaining 15% experience a general fear of missing a possible opportunity (FOMO).
According to the various studies conducted on the subject, the attitude of the general population is quite positive and optimistic towards cryptocurrencies. There are many potential investors who are interested in making the transition to cryptocurrencies. The vast majority of these investors come primarily from developing markets in Asia and Latin America.