Knowledge is power
According to a press release, 1,000 online investors were surveyed, revealing that many were lacking in education when it came to crypto-assets and that they were keen to learn more.
The survey carried out by eToro’s US division found that 69% of all respondents which included those who own cryptocurrencies were interested in learning more. For those who are not in possession of cryptos, approximately 75% said that they lacked knowledge about them, with 20% of crypto-holders also indicating the same.
Seemingly, education is a hurdle preventing a larger-scale of crypto investment with 44% of respondents citing education as the primary reason for not trading cryptocurrencies. Surprisingly, this was also evident among millennials who, while being far more informed on the technology, also said that education was holding them back, this according to 40% of millennials who don’t invest in cryptocurrencies.
US managing director of eToro Guy Hirsch commented: “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.”
Some 67% of cryptocurrency investors rely on their trading platform while 42% utilize social media; YouTube and cryptocurrency forums appear to make up the bulk of these educational resources. “Formal training and structured resources” could be on the way as 97% of millennials and Gen-X cryptocurrency traders are eager to get the knowledge they need.
Interestingly, financial advisors have found themselves as an option for investors across all generations with millennials being more likely than Gen X or Boomers to seek their services.
Responding to these results, Hirsch was pleased to see that the younger generation was keen to seek the help of financial advisors. To him it “makes sense” as this is down to the nature of time; he explains that “the top” of the millennials are now making their way to the age of 40, and have managed to accumulate enough wealth to begin looking at long-term investments seriously.
He adds: “Financial advisors have a lot of opportunity to tap into crypto as an asset class. There is clearly a demand – especially among millennials – to include cryptoassets as part of a long-term investment strategy.”
For those not planning to invest in cryptocurrencies, 73% of Millennials are “significantly more likely to invest in crypto if advised by a financial adviser”, with Gen X (58%) and Boomers (49%) sitting in the same camp.
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