eToro Survey Shows Investors Interest in Crypto Asset Education is Growing Stronger
Although there we are in a bear market since the beginning of the current year, the interest in learning about cryptocurrencies remains. According to a new survey from eToro U.S., one of the largest trading platforms in the market, education is a key barrier that prevents investors from purchasing Bitcoin (BTC) and other digital assets.
69% of the respondents in the survey said that they were very, or at least, interested in learning about cryptocurrencies. At the same time, the survey shows that proficiency in the crypto industry is still low. Moreover, around 75% of the respondents said that they do not have knowledge about crypto assets. 20% of those who answered that invested in the market said that they lack the necessary understanding of virtual currencies.
According to Guy Hirsch, the U.S. managing director at eToro, explained that during the last months of 2018, the crypto market has been affected by a hard drop. Nevertheless, it was not enough to keep investors away.
He mentioned on the matter:
“Online investors are still keeping their eye on cryptocurrencies, but this survey revealed that there is a serious lack of educational resources available to those who would like to invest in or learn more about crypto:”
This is why he says that it is necessary to provide investors with access to the resources needed to invest in the market. The survey reveals that 44% of the individuals do not invest in digital assets because of the lack of knowledge about them.
Although there is an important demand of crypto-related content, there are limited resources to learn about virtual currencies. 67% of those surveyed said that they invest in crypto just by observing their favourite online trading platform. 43%, instead follow social media channels.
97% of millennial and Gen X traders want to learn more about cryptocurrencies since it is a big opportunity to provide more formal training and structured resources.
The survey also shows that women tend to trade less than men, however, this is not due to the lack of interest. Some of the main issues are price volatility, fear of scams and the lack of education or knowledge.
41% of men said that the top barrier to trade virtual currencies is price volatility. 51% of women said that the main barrier to enter the market is the lack of education or knowledge. It seems that the lack of educational content about digital assets tends to affect more women than men.
There is still a gap in the market that divides women and men. Hirsch explains that they are trying to offer services specifically designed for women. This would allow them to feel more comfortable with the money they invest in virtual currencies and increase their participation in the space.
“With cryptoassets, we need to begin closing the gap now by providing education and resources so more women feel comfortable tapping into the asset class while it is still in its relative infancy,” commented Hirsch.
Millennials are in favour of using financial advisors to start trading in the market and improve their investment performance. Millennials are accumulating an important amount of wealth and are starting to think about their investments over the long term.
In order to make this survey, eToro worked with Provoke Insights, a popular independent market research firm. 1,000 online investors were surveyed matching the census for geography and age in order to get better results.
eToro is expanding in the cryptocurrency market. During this year it has added new virtual currencies to its platform for users to start trading them in a very easy way.