Voyager Digital examined Americans’ experience with crypto and their perspective on how crypto will be driven in 2021. The reports exposed a positive result.
About two out of three respondents said they have an optimistic view about the future of crypto and 61% of those revealed their plans to invest in the field in 2021. This is a significant increase from the 27% rate reported last year.
The survey also indicates that participants give priority to buying crypto over others. The rate for crypto is higher than buying mutual funds, traveling by plane, buying a new car, buying a new house, and starting a romantic relationship. At the moment, statistics show that 27 million Americans own cryptocurrency. And this number is expected to increase rapidly in 2022.
However, even interest in cryptocurrency is growing, the barriers to entry remain.
Lack of understanding cryptocurrency is the most likely reason first-time buyers of cryptocurrency have not invested.
Over a fifth of Americans, and almost 10% of crypto owners say they don’t understand how cryptocurrency works at all, and a similar number say they don’t understand how blockchain and decentralized finance operate. When it comes to buying and selling cryptocurrency, Americans find information on new crypto websites or friends, social media communities more than other sources. The majority of Americans are unaware of government regulations about crypto. They also prefer Coinbase to other crypto exchanges.
With the growing trend of digital assets, Americans are having more concerns about crypto education. Due to the report, 66% of respondents think crypto should be taught as a subject in high school or earlier, with 33% of them believing that middle grade is the best stage to educate about crypto. With knowledge grasped in hand, they will have more confidence to invest more in crypto and to avoid highly-volatile crypto projects.
Overall, investing in crypto remains on a positive trajectory, with further education about cryptocurrency can be a big move to draw in more investors.
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