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eToro’s Survey: Millennials are Interested in Crypto, But Can’t Find Educational Resources

Giant social trading platform, eToro, had surveyed 1,000 online investors in order to determine whether they had been investing in cryptocurrencies. Interestingly, most of the investors said the lack of proper educational resources had prevented them from actively trading digital currencies. 

The respondents, aged between 20 and 65, completed an online survey – with 44% of investors noting that lack of educational material had been the main barrier  for not investing in cryptoassets. 

Investor Interest In Cryptocurrencies Is Growing

40% of Millennials responding to eToro’s survey stated that a lack of quality education was the main reason they have not taken cryptos seriously as an investment. However, as CryptoCoreMedia reported, investor interest in digital currencies remains strong. Notably, there have been over 2 million crypto accounts that have been opened via Blockchain.com since September.

It appears that the results from eToro’s survey confirm that even as digital currency prices have crashed, 97% of Millennial and Gen X traders wanted to learn more about cryptos. So, even if they did not want to invest in them right away, they were still eager to learn more about digital assets.

An excerpt from eToro’s survey report reads: 

“Online investors are still keeping their eye on cryptocurrencies, but this survey revealed that there is a serious lack of educational resources available to those who would like to invest in or learn more about crypto.” 

Guy Hirsch, the US managing director at eToro, explained that in the foreseeable future. there will be many new blockchain projects that will look to issue utility tokens. Hirsch added that investors should have enough educational resources so that they can make informed decisions about where they should invest their hard earned money.

How Are Investors Learning About Crypto?

67% of eToro’s survey respondents said they are keeping up-to-date with crypto by using the resources available on eToro’s platform. Meanwhile, 43% of those surveyed said that they use social media to learn about crypto and get the latest news. 

Online cryptocurrency chat groups and YouTube channels  are the most popular choices among crypto investors when it comes to catching up on updates and learning something new.

Asking For Financial Advice

Millennials are more receptive to financial advice regarding cryptocurrencies when compared to other investors, acccording to eToro’s survey results. Commenting on Millenials’ eagerness to learn, Hirsch said that most of them “were in favor of using financial advisors.”

He added: “This makes sense” because some Millennials are now approaching 40 years of age. He revealed that some of them have managed to accumulate a substantial amount of wealth. These are also long-term investors who have enough resources “to tap into crypto.” 

Research Methodology

eToro had commissioned Provoke Insights, an independent market research firm, to conduct a survey of 1,000 online investors. Those surveyed “matched the US Census for geography” and were between the ages of 20 and 65. In order to get “an accurate depiction of the online trading community” and “to garner a sufficient number of cryptocurrency traders”, the researchers “oversampled cryptocurrency by 285 respondents.”