Why Some Crypto Skeptics Have Not Entered the Market: A Survey

CouponFollow, an online web platform, conducted a survey of over 1,100 individuals who had not entered the cryptocurrency market to determine what was preventing them from entering the cryptocurrency market. 42% said they do not understand the value of digital assets, and 35% said they are far away “because it looks like a scam”.

reason to hesitate

Cryptocurrencies, especially Bitcoin, have rapidly expanded in popularity over the past few years. First, major digital assets are El Salvador And Central African Republic. At the same time, advantages such as decentralization, transparency and accessibility are often touted by numerous experts and prominent individuals.

However, it is still safe to say that the majority of the world’s population are unsure about their wealth class. Depending on the According to CouponFollow, interest in cryptocurrencies increases significantly when Bitcoin or some altcoins reach all-time highs. Conversely, when the dollar depreciates, such as in the past few months, individuals withdraw their enthusiasm.

The cryptocurrency non-HODLer also explained the main reason they didn’t jump on the bandwagon. 42% do not understand the value of digital assets, and 39% are concerned about the volatility of digital assets.

Critics in this field often describe cryptocurrencies as fraudulent. 35% of survey respondents agreed with this assumption, and 31% said they did not diversify their portfolio because of “security concerns.”

CouponFollow Survey, Source: CouponFollow

Interestingly, almost one-fifth of them installed a cryptocurrency exchange mobile app but did not purchase any tokens in the end. The three biggest reasons are ‘lack of knowledge’ about how to purchase, ‘worried about price fluctuations’ and ‘safety issues’.

What do other surveys say?

Despite the skepticism of some mentioned earlier, cryptocurrencies have become an attractive investment option for numerous investors. The younger generation, especially the millennials, seem to be the most curious.

A recent CNBC study estimated 83% of millennial millionaires own digital currencies and 48% plan to increase their wealth in 2022. More than half of the participants admitted that they invested more than 50% of their assets in cryptocurrencies.

Another analysis estimated that the digital assets sector will be hugely popular in 2021. For example, Huobi Research determined Nearly 70% of all investors entered this market last year. This assumption is not surprising, as most coins hit all-time highs in 2021 and received widespread public attention. In comparison, only 9% said they had been in the ecosystem for more than four years.

After StarkWare Poll exposed 53% of American participants see cryptocurrency as the “future of finance”. Naturally, this percentage is higher in the younger generation. 68% of 25-34 year-olds and 61% of 35-44 year olds believe in this concept.

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