Crypto complexities impede consumer understanding, hindering adoption
Bitcoin’s lengthy ascent has created a path for other cryptocurrencies and NFTs amidst the promise of the blockchain. Thus far, though, cryptocurrency has attracted far more interest for its investment potential than for its practical value as currency. The wild swings in crypto value over the past few years have prompted the Biden administration to order a comprehensive look at digital currency. These efforts include considering consumer risk exposure and examining whether the U.S. should create a digital dollar.
Among those citing a desire to acquire cryptocurrency, more than half cite a lack of knowledge on how to acquire it as the main reason they have not done so.
Such inquiries raise questions about consumers’ familiarity with crypto and their desire to own it. How many have bought into cryptocurrency and what percentage of those who are aware of it have an interest in acquiring it?