The US division of eToro, the leading social trading platform, conducted a survey, entailing numerous queries related to cryptocurrency and blockchain on 18 December. It concluded that the lack of knowledge and access to reliable data and educational materials was preventing investors from trading in digital assets.
69% of the survey participants including crypto investors said that they would like to learn more about this digital currency. Among those who have never ventured the crypto way, at least 75% said they were unaware about it. It was worrying that 20% of crypto holders also echoed the same.
50% of the respondents made it clear that the only thing that is stopping them from investing is their lack of knowledge and they do not know where to access the information they need. Furthermore, 97% of Gen-X, as well as Millennial participants (including crypto investors), mentioned that they need to educate themselves about this asset class.
74% of women said that they need more educational materials on cryptocurrency compared to 54% male participants. Consequently, the dilettantes’ inference of the results was awareness is the key to improve their investor base.
Another expert opined that just because ignorance prevents people from delving into crypto doesn’t automatically mean that knowledge will make them invest. They can also research on the topic and then decide it is not worth their time.
For retail distributors and agents, not knowing the subject can work both ways. For instance, unscrupulous companies often exploit people’s inexperience and use it to their advantage to grease their palms.
Progressive firms should study and figure out gaps in the materials and references available at present. Make use of investor forums and social media platforms to understand the pulse of investors. It is essential to keep an eye on the materials populated on these online portals to prevent scamming and improve the image of the cryptocurrency industry.