Toluna: most people do not understand cryptocurrency technology

What’s new? Research firm Toluna conducted a survey in which 57% of respondents said that they knew about cryptocurrency. That makes it the second most well-known type of investment after stocks. Despite the widespread awareness, 60% of respondents said they did not understand the purpose of cryptocurrencies. The study surveyed 10 500 people aged 18 and 64 from four regions around the world, Finbold reports.

Information on the Finbold website

What did the results of the survey show? According to the study, 42% of people investing in digital assets intend to increase their share of investments over the next six months. Despite the increased volatility in the cryptocurrency market, 81% of respondents intend to either maintain the same amount of their assets invested in cryptocurrency or increase that share over the next six months.

People who have not invested in cryptocurrencies say that they do not understand them well enough (32%) and that such assets are not secure enough (28%). 42% described cryptocurrency as a risky investment, despite its potential short-term and long-term benefits.

Study conclusions. Experts at Toluna noted that people prefer to invest in cryptocurrency for a variety of reasons, including the possibility for long-term stable growth (36%), short-term rapid growth (35%), diversification (30%), using it as a method of payment for online transactions (25%), avoiding government control (11%), hedging against the collapse of conventional assets (16%) and the overall fear of missing out (15%).

The general attitude toward cryptocurrencies is still optimistic, and there are a large number of potential investors interested in switching to cryptocurrencies. This is especially true for emerging markets in Asia and Latin America.

In August, Triple A conducted research that found that more than 320 million people around the world (4% of the world’s population) own cryptocurrency. According to analysts, the spread of digital assets around the world accelerated over the past few years. They said the 2021 bitcoin rally, when the price reached an all-time high (ATH) of $69 000, contributed to this, sparking an influx of retail and institutional investors.