A lack of sufficient education remains one of the key barriers to cryptocurrency adoption, according to the findings in a recent survey commissioned by financial services app, Ziglu and conducted by OnePoll.
The national survey reportedly covered 2000 Brits intending to gauge public interest in cryptocurrency, especially why most prospective investors are still sitting on the sidelines.
A key finding from the survey is that as much as 31% of respondents are curious about investing in crypto but have not done so because they do not understand the market or know of a safe way to buy these assets. As much as 62% of these ‘crypto-curious’ persons admitted lacking sufficient market education, while 43% are not sure of a safe way to get started.
The fact that many traditional financial institutions kick against bitcoin as an asset and do not have crypto-related products is another fact hindering adoption.
Around 36% of respondents agreed that they would start investing in cryptocurrencies if traditional financial institutions provided access to them. Only 14% of surveyed persons said they had bought crypto, although most of them had no prior investment experience.
Around 30% of those who have bought crypto live in London, suggesting that the town is a hotspot for cryptocurrency investors.
Interestingly, another survey metric suggests that cryptocurrencies are finally beginning to enter mainstream consciousness because 30% of respondents picked cryptocurrency among their top three investments. Gold came out top by a fraction (31%) which only 19% of respondents picked real estate ahead of cryptocurrencies.
Commenting on the survey, Ziglu Founder and CEO Mark Hipperson said it “highlights the importance of financial inclusion” and the need for spreading the word about how easy it is now to buy and sell crypto.
Ziglu recently completed a £6 million crowdfund raise for its fiat-to-crypto app and looks set to play a crucial part in fostering cryptocurrency adoption, especially for retail investors.
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