The most common reason for skepticism about crypto investing is a lack of understanding of the mechanisms and value of cryptocurrencies. High market volatility and fraud risks also scare “nocoiners.”
A recent survey by Coupon Follow showed that people called “nocoiners” in the crypto community (those who have not yet bought a cryptocurrency) are afraid to invest their money in digital assets for five main reasons.
A total of 1,172 people over 18 took part in the survey. Respondents were divided into groups by age to capture the specifics of concerns about investing in digital currencies across different generations. All respondents had never invested in cryptocurrency.
According to the results, the most popular reason for skepticism about cryptocurrencies was cited by all generations as a lack of understanding of digital asset value. Almost half of the respondents, 42% to be exact, gave this as the main reason for not investing. However, their interest in the crypto sphere is high because most respondents are interested in learning more about blockchain technology and digital assets despite their refusal to invest.
The concerns of 39% of respondents are related to market volatility, which they do not understand. Fluctuations in the value of digital assets and a poor understanding of their causes are of equal concern to all generations of respondents.
Skeptical attitude to the cryptocurrency market was expressed by 35% of respondents, fearing that cryptocurrency will end up as a bubble, i.e., a fraud. It is worth noting that this reason was more common among the older generation: 44% of the baby boomers (those born between 1946 and 1964) refuse to invest for this very reason.
The study also found that 31% of those surveyed were concerned about the security of holding digital assets and were therefore in no hurry to invest in them. Remarkably, 18% of crypto skeptics have even downloaded cryptocurrency wallet and exchange apps to their mobile devices, but have never used them.
Respondents cited their lack of understanding of investment principles and mechanisms as the last significant reason for their concerns — 24% of respondents simply have no idea how to use cryptocurrencies.
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