Lack of industry knowledge hinders adoption

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To know them is to adopt it? A recent survey shows that the lack of knowledge about cryptocurrencies is the main obstacle to their adoption. Total or partial ignorance, however, is not the only plausible explanation.

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Scientia potentia commissioned a cryptocurrency study from the group’s research and analysis division Economist, theEconomist Intelligence Unit.

The report entitled “Digimentality 2021”Details the results of the survey conducted among 3,053 people between February and March 2021.

The results indicate that 51% of respondents said that the lack of knowledge about cryptocurrencies is the main obstacle to the adoption of open-source cryptos like Bitcoin (BTC) and theEther (ETH).

55% of people surveyed know about crypto even if they don’t own or use it.

The global head of digital assets of Goldman Sachs, Mathew McDermott, indicates in the report that “As more and more people adopt and have access to digital wallets, you can just see that the number of people who have access and invest in cryptocurrency continues to expand.“.

A recent survey of Gemini had shown that 2/3 of adults with United States want to know more about cryptocurrencies, or hold some soon.

Other explanations

34% of those questioned rather cite security concerns as an obstacle to the adoption of cryptocurrencies, while for 29%, it would be difficult to know where to buy them.

As for the acceptance of cryptos by institutions, 47% of survey participants believe that the main obstacle to adoption lies more in the overall market confidence or understanding of cryptos.

For 32% of respondents, crypto regulation is the major obstacle to massive adoption of cryptocurrencies by institutions.

43% and 36% of those questioned believe that the reluctance of institutional investors is explained respectively by the structures of financial markets and volatility.

When will the emergence of a crypto generation for which cryptocurrencies are no longer a “strange beast”? Educate, over and over again: Cryptophiles need to explain the value and operation of cryptos in a language understandable to the general public. We must avoid presenting cryptos as a mere speculative asset that will make their holder rich, or as the enemy that will put the fiats to death. Any healthy growth strategy relies on extension and facilitation. The illiterate of the year 2030 will be the one who ignores cryptocurrencies?

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Fashion is good, but blockchain is the future, we agree, right ?! It’s a great opportunity and an evolving sector! On a daily basis, my job is to try to popularize cryptos / blockchains as well as possible, which appear to be far too technical.


The comments and opinions expressed in this article are those of the author alone, and should not be considered as investment advice. Do your own research before making any investment decisions.


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