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

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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 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.

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.

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