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Bitcoin image representing cryptographic asset trading. & Nbsp;Getty
The cryptocurrency may be declining, but according to a new survey conducted by eToro, the online trading company based in Tel Aviv, it is not out.
In fact, investors are still interested in exchanging digital tokens despite a sharp decline in price throughout the year, with education the biggest obstacle to the adoption of more investors.
"People still associate cryptography with something that can generate alpha," said Guy Hirsch, managing director of the United States at eToro. "In a sense people have FOMO (fear of losing) if there's another rally and on the other hand people want to understand how they can do it."
Rewind at the beginning of the year and bitcoin, the main cryptocurrency, has garnered a lot of attention and not only from sophisticated investors. After seeing the leap in prices from $ 1,000 to nearly $ 20,000, everyone wanted to enter. The frenzy was likened to the rush to the dotcom and just as with Internet startups it was a subsequent incident that led many investors to run around the hills. & nbsp; It was not helpful that the Securities and Exchange Commission and regulators around the world began to follow the cryptocurrency and the first offers of coins. Hack and scams have also weighed on the industry, resulting in the bitcoin's price trading around $ 4000 today.
But despite the malaise, eToro found out from its recent survey of 1,000 online investors that individuals are still very interested in bitcoin and cryptocurrency trading and want more information on the subject. & nbsp; Among those interviewed, including those who have already been invested in cryptocurrency and those who are not, 69% were interested or very interested in knowing investments in cryptocurrency. At the same time, three quarters of respondents who do not possess cryptographic assets have declared that they are unaware of the class of activity. Even among those who have already invested in digital tokens, eToro found that one fifth of respondents said they did not understand the investment vehicle. "There's a huge demand that is not currently met to get advice from registered investment advisors on how to get into this asset class," Hirsch said. "There is an unexpressed opportunity that is currently available for companies and consultants to exploit."
EToro's survey found that almost half of respondents or 44% said that education is the main reason they do not trade cryptocurrencies with 40% of millennials saying they do not have the education to invest in digital tokens. EToro's limited learning resources on cryptocurrencies translate into most investors, 67% in the survey, relying on their online information trading platforms with 43% targeting social media as a guide . YouTube and online cryptographic chat forums have been cited as the most common cryptographic information resources.
But education is not the only thing these aspiring crypts are craving. They also want financial advice, with millennials looking for more than their older counterparts. The survey found that 19% of millennials plan to use a financial advisor for their investments, including encryption, while only 11% of Generation Xers and 12% of Baby Boomers will look for the hand holding a financial advisor. Of those not interested in investing in digital tokens, eToro found that 73% of millennials said they would be more inclined to invest in crypts if they had a financial advisor to drive them. That drops to 58% when Generation Xers is generated and 49% for baby boomers. & Nbsp;"It is very encouraging to see millennials favoring the use of financial advisors, which makes sense as the peak of the millennial generation approaches 40 and is beginning to accumulate a significant amount of wealth and is looking to their investments at long-term, "said Hirsch.
Hirsch noted that a take-away from the survey that was surprising was the interest of people seeing the encrypted resources part of the 401 (K) and IRA choices. After all, investments in cryptocurrency are often associated with short-term and high-risk exchanges, not long-term investments. "74% of those who trade crypto want to see the cryptocurrency as part of the resources open to them in a 401 (K)," Hirsch said, noting that 51% of those who do not trade digital tokens want the option in even their 401 (K). "Cryptographic activities as part of the 401 (K) portfolio will take place, not just in the near future".
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Bitcoin image representing cryptographic resource trading. Getty
The cryptocurrency may be declining, but according to a new survey conducted by eToro, the online trading company based in Tel Aviv, it is not out.
In fact, investors are still interested in exchanging digital tokens despite a sharp decline in price throughout the year, with education the biggest obstacle to the adoption of more investors.
"People still associate cryptography with something that can generate alpha," said Guy Hirsch, managing director of the United States at eToro. "In a sense people have FOMO (fear of losing) if there's another rally and on the other hand people want to understand how they can do it."
Rewind at the beginning of the year and bitcoin, the main cryptocurrency, has garnered a lot of attention and not only from sophisticated investors. After seeing the leap in prices from $ 1,000 to nearly $ 20,000, everyone wanted to enter. The frenzy was likened to the rush to the dotcom and just as with Internet startups it was a subsequent incident that led many investors to run around the hills. It was not helpful that the Securities and Exchange Commission and regulators around the world began to follow the cryptocurrency and the first offers of coins. Hack and scams have also weighed on the industry, resulting in the bitcoin's price trading around $ 4000 today.
But despite the malaise, eToro found out from its recent survey of 1,000 online investors that individuals are still very interested in bitcoin and cryptocurrency trading and want more information on the subject. Among the respondents, including those who have already invested in cryptocurrency and those who are not, 69% were interested or very interested in knowing the investments in cryptocurrency. At the same time, three quarters of respondents who do not possess cryptographic assets have declared that they are unaware of the class of activity. Even among those who have already invested in digital tokens, eToro found that one fifth of respondents said they did not understand the investment vehicle. "There's a huge demand that is not currently met to get advice from registered investment advisors on how to get into this asset class," Hirsch said. "There is an unexpressed opportunity that is currently available for companies and consultants to exploit."
EToro's survey found that almost half of respondents or 44% said that education is the main reason they do not trade cryptocurrencies with 40% of millennials saying they do not have the education to invest in digital tokens. EToro's limited learning resources on cryptocurrencies translate into most investors, 67% in the survey, relying on their online information trading platforms with 43% targeting social media as a guide . YouTube and online cryptographic chat forums have been cited as the most common cryptographic information resources.
But education is not the only thing these aspiring crypts are craving. They also want financial advice, with millennials looking for more than their older counterparts. The survey found that 19% of millennials plan to use a financial advisor for their investments, including encryption, while only 11% of Generation Xers and 12% of Baby Boomers will look for the hand holding a financial advisor. Of those not interested in investing in digital tokens, eToro found that 73% of millennials said they would be more inclined to invest in crypts if they had a financial advisor to drive them. That drops to 58% when Generation Xers is generated and 49% for baby boomers. "It is very encouraging to see millennials favoring the use of financial advisors, which makes sense as the peak of the millennial generation approaches 40 and is beginning to accumulate a significant amount of wealth and is looking to their investments at long-term, "said Hirsch.
Hirsch noted that a take-away from the survey that was surprising was the interest of people seeing the encrypted resources part of the 401 (K) and IRA choices. After all, investments in cryptocurrency are often associated with short-term and high-risk exchanges, not long-term investments. "74% of those who trade crypto want to see the cryptocurrency as part of the resources open to them in a 401 (K)," Hirsch said, noting that 51% of those who do not trade digital tokens want the option in even their 401 (K). "Cryptographic activities as part of the 401 (K) portfolio will take place, not just in the near future".
