Despite Market Downturn, Interest in Cryptoasset Education Strong
Interest in investing in crypto assets is growing but lack of education is preventing online investors from purchasing the asset, says a new survey.
Google’s trend explorer last month showed that the weekly number of worldwide searches for the keyword “bitcoin” reached its highest levels since the first week in April. But it didn’t reflect on the market which has been considered down throughout most part of 2018. This could be because the seven-month high in Google searches is indicative of a reverse interest for its falling price to below the $4,000 range.
However, results from the new survey by eToro is pointing out that more people have been seeking information about cryptocurrencies but have not been getting it. In an overview of the results, 69% of the 1,000 online investors — including those who do or do not currently invest in cryptoassets — questioned in the nationwide survey responded that they were interested or very interested in learning about it. eToro adds that three quarters of those who do not hold the asset class say they are not knowledgeable about crypto assets while over one-fifth of those who do invest in cryptoassets “feel that their understanding is lacking.”
61% of both men and women were interested or very interested in more crypto education – though 41% of men identified price volatility as their top barrier to trading crypto while 51% of women cite the lack of education or knowledge as the top reason for not trading.
eToro’s Guy Hirsch says in a media release: “Late 2018 has seen the cryptocurrency market take a huge tumble, but that has not stymied investors’ interest in the asset class and its potential. Online investors are still keeping their eye on cryptocurrencies, but this survey revealed that there is a serious lack of educational resources available to those who would like to invest in or learn more about crypto.”
On the other hand, the prolonged bear market is reportedly scaring off institutional players, according to JPMorgan Chase & Co., with analysts including Nikolaos Panigirtzoglou writing in a research note that “Key flow metrics have downshifted dramatically” including in futures markets and in average volumes.
Independent market research and strategy firm, Provoke Insights, conducted the survey for eToro using a sample that matches the U.S. Census for geography and respondents within the 20-65 age bracket as an accurate depiction of the online trading community. The survey, which has a margin of error +/- 3%, was distributed in September of 2018.