Despite never owning or utilising cryptocurrency, 55% of poll respondents indicated they were aware of it.
According to a new poll, among the many complexities involved with cryptocurrencies such as Bitcoin (BTC), a lack of awareness and understanding of crypto is the largest barrier to widespread 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 percent of respondents said a lack of knowledge is the most significant barrier to the adoption of open-source cryptocurrencies such as Bitcoin and Ether (ETH), while 34 percent cited security concerns as the most significant barrier, and 29 percent indicated difficulties in determining where to buy crypto.
In terms of institutional investor and corporate treasury acceptance of crypto, 47 percent of respondents stated that general market trust or comprehension of digital currencies was the most significant adoption barrier. Some 32% of poll respondents mentioned bitcoin laws as the biggest impediment to greater institutional acceptance, while 43% and 36% mentioned financial market structures and asset volatility as the key impediments, respectively.
According to the survey, 55 percent of respondents were aware of cryptocurrencies despite never owning or using them. “As more people adopt and have access to digital wallets, the number of people who have access to and invest in cryptocurrencies continues to grow,” Goldman Sachs global head of digital assets Mathew McDermott said in the research.
According to a new Gemini cryptocurrency exchange study, over two-thirds of individuals in the United States are interested in learning more about cryptocurrencies or possessing them in the near future.