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Jack Dorsey’s financial company Block has unveiled a survey from January examining top reasons that people don’t buy Bitcoin. The top reason, cited by 51% of respondents, was that they simply don’t understand it well enough.
Conducted in partnership with Wakefield Research, the study surveyed 9500 people across 14 different countries.
- Besides the lack of knowledge, other common reasons for avoiding Bitcoin included cybersecurity risks (32%) and price volatility (30%).
- Among those that refused to buy Bitcoin despite sufficient knowledge, 29% showed concern over its “uncertain regulatory outlook”.
- President Biden issued an executive order in March organization research and future regulation around crypto. For now, however, Federal Reserve Chairman Jerome Powell has confirmed that it won’t be outright banned.
- Interestingly, female respondents to the survey appeared to have more crypto knowledge than men in Europe, the Middle East & Africa (EMEA), and Asia-Pacific regions.
- Furthermore, perceived knowledge of cryptocurrencies proved to be the greatest predictor of whether one is likely to buy Bitcoin in the next year. 41% of respondents with “fair to expert” Bitcoin knowledge claimed as much, versus 7.9% with very limited knowledge.
- Block Economist Felipe Chacon believes fears about Bitcoin’s price volatility would likely be higher if the survey took place today.
But again, given that the biggest chunk of people just don’t know enough about it… I would guess that a lot of people have been fairly insulated from recent price movements, he added.