The resulting study, titled Bitcoin: Knowledge and Perceptions, highlighted the following general findings:
According to the study results, the main reason given for not buying Bitcoin is a lack of understanding (51%). This is followed by the risk of cybersecurity and theft (32%), excessive price volatility (30%) and the uncertainty of the regulatory outlook (29%).
Conversely, the more respondents rate their personal knowledge of cryptocurrencies, the more optimistic they are about the future of Bitcoin. Additionally, survey respondents who do not own Bitcoin but know someone who does are much more likely to buy Bitcoin in the next 12 months. While these people don't understand how Bitcoin works or how to trade it on a cryptocurrency exchange, the vast majority of respondents are familiar with Bitcoin.
It is worth noting that Bitcoin has the greatest spread and awareness of any other cryptocurrency mentioned by the survey researchers. Notably, Bitcoin awareness (88%) is double that of its closest competitor, Ethereum. Divided by age groups, millennials had the highest level of recognition of Bitcoin (92,5%), while 89,2% of baby boomers said they knew it. The results of the study are clear: if you want to promote the mass adoption of cryptocurrencies, you need to educate the industry first.
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