Lack of knowledge is main barrier to crypto adoption, new survey says

55% of survey respondents said that they were aware of crypto despite never owning or using cryptocurrencies.

Among the many complications associated with cryptocurrencies like Bitcoin (BTC), a lack of knowledge and understanding of crypto is the biggest obstacle for wider adoption, according to a new survey.

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.

The survey also stated that 55% of respondents were aware of cryptocurrencies despite never owning or using them. “As more people adopt and have access to digital wallets, you can just see the number who have access and invest in cryptocurrencies continues to broaden,” Goldman Sachs global head of digital assets Mathew McDermott said in the report.

According to a recent survey by Gemini crypto exchange, nearly two-thirds of adults in the United States are interested in learning more about cryptocurrencies or holding them soon.