According to a new international research study conducted by Cash App parent company Block, Inc., the biggest reason consumers do not purchase Bitcoin (BTC) is a lack of information about it.
The poll, which took place in January and February and covered 14 countries, found that 51% of respondents stated the major reason they don’t buy bitcoin is that they “don’t know enough about it.” Other main causes include security and theft concerns (32%), as well as excessive price fluctuation (30 percent ).
The top reasons for not buying BTC, according to those who had at least a good level of understanding of cryptocurrencies, were price volatility (30 percent) and an uncertain regulatory environment (29 percent ).
The survey was conducted before important market developments such as the recent dip in BTC’s price and the loss of TerraUSD’s peg. However, according to Block Economist Felipe Chacon, the biggest reason for people’s lack of interest in cryptocurrencies is still a lack of information. However, responses from individuals who are conversant with the technology may have changed.
The survey also discovered that a person’s degree of cryptocurrency knowledge — or at least how much they believe they know about cryptocurrencies — is the biggest predictor of whether they will buy BTC in the coming year. Fourteen percent of those with “fair to expert” crypto expertise said they were likely to buy bitcoin in the coming year, compared to 7.9% of those who don’t know anything about it or have very limited knowledge.
Study includes Bitcoin perceptions
Other topics included in the survey included bitcoin impressions based on income level, bitcoin optimism by country, and the gender difference in the crypto business. For example, although higher-income respondents stated investment-related reasons for purchasing BTC, lower-income respondents listed reasons such as using the cryptocurrency as a payment method and sending remittances more frequently.
Women across Europe, the Middle East, Africa (EMEA), and Asia-Pacific claimed expert levels of understanding at higher rates than men when it came to crypto, according to the study.