A recent survey carried out here in the UK has uncovered that around 36% of investors know nothing or exceptionally little about cryptocurrencies such as Bitcoin and Monero.
Respondents who had since invested in the cryptocurrency market confirmed that prior to obtaining cryptocurrencies, they had seen the sector’s value as either poor or non-existent.
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The study also highlighted a lack of awareness in UK crypto investors’ motivations, exposure, and knowledge regarding investments in cryptocurrency. Two out of every five people surveyed who invest funds confirmed they had a poor grasp on the crypto market, while around 21% of those holding cryptocurrencies were rated low in terms of knowledge, despite their investments.
The findings of the survey suggest that people are drawn to acquire cryptocurrency asset for fear of missing out (FOMO) on financial gains rather than informed decision making. It suggested that this fear being the driving motive behind demand added to the low understanding levels regarding crypto investments.
Around 15% of respondents admitted that they had undertaken no research but were persuaded by friends or family members to invest in cryptocurrencies, while around 35% were influenced by rising crypto prices without understanding what they have purchased.