- Kaspersky Lab published a report about the cryptocurrency market, based on data from October and November 2018.
- Much of the reason that more people are not involved in the market are due to the lack of understanding.
Kaspersky Lab, a cybersecurity firm in Moscow, published a new survey on June 17th, titled “The Kaspersky Cryptocurrency Report 2019.” This new survey showed impressive numbers about the cryptocurrency industry, specifically that there are 19% of people around the world that own cryptocurrency. The survey occurred in October and November last year, earning responses from 13,434 people across 22 countries.
In the report, the rest of the world – 81% – have never purchased cryptocurrencies at all, which isn’t surprising with how many regulations still are pending implementation. However, more curiously, there are only 10% of the respondents that have claimed to know and “fully understand how cryptocurrencies work.” There appears to be some hope though, considering that about 14% of people who have not used cryptocurrency still hope to use it in the future.
According to the survey, one of the major reasons that cryptocurrencies have stopped being used by global cryptocurrency investors is due to the volatility. Before these investors are willing to use cryptocurrencies, it is clear that the market needs to have more stability, considering that 31% of people reported this reason as their main reason.
Other reasons include the loss of money that these investors experienced during the bear market, along with other consumers who believe that cryptocurrency is no longer a lucrative market. Both of these factors received 23% each of the responses for reasons for staying out of the market.
The lack of being backed by real world assets received about 22% of the vote as another reason for discontinuing the use of cryptocurrency. Though hacking and fraud vulnerabilities were far from the biggest reasons for not being involved in cryptocurrency, they still accounted for 19% and 15% respectively.
Kaspersky’s team put out a press release with the report, stating that the adoption has been slowed down for cryptocurrency because many people don’t exactly understand how cryptocurrency works. Vitaly Mzokov, who is the head of commercialization for Kaspersky, commented on the way that they approach crypto-based companies, saying,
“We also encourage crypto businesses to organize themselves effectively to show they are able to protect their customers’ investments.”
In another survey that was not published by Kaspersky Labs, the results discovered that almost 12% of cryptocurrency holders in the United States are involved long-term.
The full press release from Kaspersky can be viewed at here.