Block, Inc. and Wakefield Research conducted a survey of 9,500 people across 14 countries to study awareness and perception of bitcoin. At the end of the study, they identified this: the lack of knowledge about BTC causes people not to buy.
Lack of knowledge about bitcoin and other major impediments
If people don’t buy bitcoin, it’s because they lack cryptographic knowledge. A shortcoming that the Bank of Canada highlighted last April.
A new international study conducted by the parent company of Cash App, Block and Wakefield Research is believed to be behind this deduction. After a survey conducted by the two entities on 9,500 people from 14 countries, a list of obstacles to the purchase of BTC emerges. Here are a few :
- lack of cryptographic knowledge;
- cybersecurity risks and theft (32%);
- excessive price volatility (30%);
- a ” uncertain regulatory outlook (29%).
This list would have risked getting longer if the investigation had taken place in these troubled times for the cryptocurrency market. Luckily it took place just at the beginning of the year, in January and February. Back then, no one thought bitcoin would trade at its current price. Little did they know that TerraUSD would lose its peg to the dollar.
Other aspects were also addressed by the researchers, which are:
- the perception of bitcoin according to the level of income;
- optimism about the queen of cryptocurrencies by country;
- the gender gap in the cryptocurrency industry.
The results showed that respondents with higher incomes would buy bitcoins for investment purposes. Those with lower incomes find in this activity an ease in paying and sending funds.
The advantage of technological appropriation
For Felipe Chacon, an economist at Block, the more people don’t know enough », the more they are less interested in cryptocurrencies. Nevertheless, those who are familiar with the technology would seem more amenable to change.
” I think coming off the crest of a big price drop or any big price move, really, I would guess that those price volatility concerns would probably be a little higher now. »
” But again, since most people simply don’t know enough or haven’t heard much about cryptocurrencies in general or bitcoin in particular, I guess a lot of people have been pretty isolated recent price movements “, he adds.
Also, this study by Block revealed that a person’s level of bitcoin knowledge would influence their purchase for the coming year.
Here are some other relevant data from the survey:
- 41% of respondents said they had a level of knowledge of cryptocurrencies “ medium to expert » ;
- 7.9% of them admit to knowing nothing or having only very limited cryptographic knowledge.
Note that 4 of the countries studied seem very optimistic about the future of bitcoin, namely: Nigeria, Argentina, India and Vietnam. It is quite normal for people from these countries to think so. Knowing that their level of knowledge in cryptocurrencies is very high.
In addition, the data collected according to the origin of the people made it possible to conclude that women from Europe, the Middle East, Africa (EMEA), and those from the Asia-Pacific region declared ” have higher levels of expert knowledge than men when it comes to cryptocurrencies.
To draw such conclusions about knowledge about bitcoin, Block had to choose the countries based on factors such as the levels of population or economic power of the region studied. Finally, to For your information, we provide you with the names of the 14 countries concerned by the survey. Those are the UK, Japan, Canada, Nigeria, USA, Argentina, India, France, Germany, Italy, South Africa, Australia and China.
Source : The Block Crypto
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Bitcoin (BTC): Lack of crypto knowledge, a hindrance to investment?
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