What’s the Average Investor’s Take on Crypto Investing?
Education is the most powerful weapon which you can use to change the world.
— Nelson Mandela, philanthropist, revolutionary, and former president of South Africa
Nelson Mandela is one of my role models.
The man spent over two decades in prison for combating apartheid in South Africa. He gets released, becomes president, and then continues the good fight against racism. He dies revered around the planet, his name being synonymous with everything good.
But what I admire most about Mandela is his dedication to education. In 2007, he started the Nelson Mandela Institute for Education to address academia’s poor state in rural Africa. The organization solves problems, like building adequate classrooms, for communities that have hindered education systems.
A stellar gentleman.
Recently, trading platform eToro commissioned a widespread survey of a thousand investors and their stances on crypto, and the results involve education...
This week, I’m going to explain the survey’s findings and what they mean for us.
eToro hired market research and strategy firm Provoke Insights to conduct the survey. The company surveyed a thousand investors ranging between ages 20 and 65.
The results were interesting.
69% of participants stated they were “interested” or “very interested” in crypto investing. That includes participants who have never put any money into crypto.
Even where they received their info on crypto varied. When it came to regular news and updates, 67% got theirs from online trading platforms. In regard to actual investing advice, 43% received theirs from social media.
Age differences within the study were revealed. Millennials were more likely to use, or at least plan to use, financial advisors (19%) than baby boomers (12%) or gen Xers (11%). When asked about their advising plans for six months into the future, millennials’ numbers jumped to 23%, while gen Xers’ only rose to 14%.
When it came to those who have never invested in crypto, millennials were found to be most likely to invest if their advisor recommended it (73%) versus gen Xers (58%) and boomers (49%).
There were some gender differences as well. Men tended to identify price volatility as a top crypto concern, while women worry about scams.
When it came to proficiency in crypto trading, 76% of women stated they were ill versed, while only 54% of men said the same.
What’s most compelling is that 44% of the participants believed lack of knowledge of and education on cryptocurrencies was blocking them from pulling the trigger.
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What Does All This Mean?
I believe this survey says a lot about where crypto falls in the mind of the average investor.
First, the vast majority of the participants haven’t lost interest in crypto investing. Actually, they want to learn more! That’s reassuring, given that there’s always talk about crypto dying — it can’t if interest continues to grow.
Second, the survey showed the subtle differences between male and female investors. They could certainly learn from one another’s focuses to have a better grip on the market. For example, men would benefit from putting more thought into crypto scams, not just the share price, before investing.
Third, this survey shows that millennials are the most receptive generation to crypto investing. Additionally, it shows that cryptocurrency isn’t entirely lost on older generations, and their receptiveness to investing is higher than some would expect.
Lastly, and most importantly, I think this survey shows there’s certainly a demand for cryptocurrency education. Now may be a great opportunity for educators to take advantage of it. With that comes more “crypto courses,” with educators getting paid.
More education will certainly bring more investments. If those 44% of participants didn’t invest in crypto because they didn’t know enough, imagine how many more would if they were educated.
Going back to Mandela’s quote, I think more crypto education would further global adoption and assimilation, hereby changing the world. Having more knowledge of cryptocurrency and blockchain would enrich investors, especially those unfamiliar and afraid of the investment.
Put it like this: The more people are aware of something, the less afraid they are of it. Once they’re no longer afraid, they are free to familiarize themselves with, question, and explore said thing.
You know what would come next?
Innovation. Innovation that really could change the world.
The more you know,
John Butler, Jr.
Contributing Editor, The Token Authority