About 55% of survey respondents said that they were aware of crypto despite never owning it crypto or having a user experience.
After many complications associated with cryptocurrencies like Bitcoin (BTC), a new survey shows lack of knowledge and understanding of crypto is the biggest obstacle for wider adoption.
The Economist Intelligence Unit, the research, and analysis division of The Economist Group released a new report called “Digimentality 2021.”
The study was commissioned by major payment and cryptocurrency platform Crypto.com and contains a consumer survey of 3,053 people conducted from February to March 2021.
According to survey results, 51% of respondents said a lack of knowledge is the main barrier to the adoption of open-source cryptocurrencies like Bitcoin and Ether (ETH), while 34% of survey participants cited security concerns as the main obstacle, and 29% indicated difficulties in knowing where to buy crypto.
In terms of crypto acceptance by institutional investors and corporate treasuries, 47% of respondents said that overall market trust or understanding of digital currencies was the biggest adoption obstacle. Some 32% of survey takers cited cryptocurrency regulations as a primary obstacle to wider institutional acceptance, while 43% and 36% said financial market structures and asset volatility were the foremost obstacle, respectively.