Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
New eToro Survey Reveals Strong Interest in Cryptoasset Education, Despite Market Downturn
eToro Release | Dec 18, 2018
51% of Women Identify Lack of Knowledge as Biggest Barrier to Entry into Crypto Investing
NEW YORK, December 18, 2018 /PRNewswire/ -- A new survey from eToro U.S., a leading global investment platform, finds that despite a clear interest in investing in cryptoassets, education is the key barrier preventing online investors from purchasing the asset. Of all online investors - including those who do or do not currently invest in cryptoassets - 69 percent of respondents were interested or very interested in learning about it.
However, the nationwide survey of 1,000 online investors found that proficiency in the cryptoasset class is still low. Three quarters of those who do not hold the asset class state that they are not knowledgeable about cryptoassets. Even among investors who do invest in cryptoassets, one-fifth of respondents feel that their understanding is lacking.
See: OSC introduces new cryptoasset educational tools
Guy Hirsch, U.S. managing director, eToro, says: "Late 2018 has seen the cryptocurrency market take a huge tumble, but that has not stymied investors' interest in the asset class and its potential. 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. As we move toward a future where assets will become increasingly tokenized, it's important to give investors access to the resources they need to invest in the assets they want and truly consider cryptoassets as part of their long-term investment plan."
Professional Crypto Education is Severely Lacking
Across the board, education is a key barrier preventing people from investing in cryptocurrency. Almost half (44 percent) of online investors state that education is the main reason for not trading crypto. This is true even among Millennials, who are more knowledgeable about the asset class than other generations. Forty percent of Millennials who do not invest in cryptoassets say that the lack of education is the main reason they do not invest.
Currently, there are limited resources when it comes to learning about cryptoassets. Investors who are invested in crypto mostly lean on observing their online trading platform (67 percent) and social media (43 percent) for guidance. Among social media channels, YouTube and online crypto chat forums are most used. When it comes to approach, those who currently invest, plan to invest or are interested in investing identified the following top three approaches to learning more about investing in crypto:
-
Start with a low amount of investment to test out the market (92 percent interested or very interested)
-
Watch an experienced trader to mimic their portfolio or trading patterns (85 percent interested or very interested)
-
Research cryptoassets using online channels (82 percent interested or very interested)
Despite the lack of knowledge and resources, 97 percent of both Millennial and Gen X crypto-traders are interested in learning more about cryptoassets, presenting a big opportunity to provide more formal training and structured resources.
See: Meet the women who are making sure blockchain is inclusive
Women Trade Crypto Less Than Men, But Not for Lack of Interest
Across all groups of online investors who do not currently invest in cryptoassets, the top three barriers to participating in the asset class are consistent: price volatility, fear of scams, and lack of education or knowledge. However, the top reason for not trading differed significantly between men and women.
While men identified price volatility as the top barrier to trading crypto (41 percent), over half (51 percent) of women identified the lack of education or knowledge as the top reason for not trading. For women, the lack of educational resources is significantly more likely to affect whether they will take advantage of the asset class than men (39 percent).
While female investors are more likely to state that they are not well-versed in cryptocurrency trading (76 percent vs. 54 percent male), this doesn't mean that women are less interested in learning about digital currencies. Of those who do not trade crypto, men and women are equally interested in learning about it - 61 percent of both genders were interested or very interested in more education.
Hirsch continues: "The investment gap between men and women is still quite stark. There are many studies that indicate this, and we are beginning to see companies provide more financial services tailored specifically for women. With cryptoassets, we need to begin closing the gap now by providing education and resources so more women feel comfortable tapping into the asset class while it is still in its relative infancy."
Desire for Financial Advice in Cryptoassets
When it comes to financial advice, Millennials are more likely than Gen X or Boomer online investors to also make use of financial advisors. While 19 percent of Millennials planned on using a financial advisor to buy or sell products such as stocks, ETFs, or cryptoassets, only 11 percent of Gen X and 12 percent of Boomers indicated the same. Looking six months into the future indicates similar results. Twenty three percent of Millennials plan on using more resources such as financial advisors compared to only 14 percent of Gen X.
See: Slowly but surely, women are changing fintech
The results were even more apparent for those who currently do not plan on investing in crypto. Seventy three percent of Millennial investors would be significantly more likely to invest in crypto if advised by a financial advisor, compared to 58 percent of Gen X and 49 percent of Boomers.
Hirsch concludes: "It's very encouraging to see that Millennials are in favor of using financial advisors. This makes sense as the top of the Millennial generation is approaching 40 and is starting to accumulate significant amount of wealth and are looking at their investments over the long term. Financial advisors have a lot of opportunity to tap into crypto as an asset class. There is clearly a demand - especially among Millennials - to include cryptoassets as part of a long-term investment strategy."
About the Survey
eToro commissioned Provoke Insights, an independent market research and strategy firm, to conduct an online survey among 1,000 online investors. The sample matched the U.S. Census for geography and age (20-65), to get an accurate depiction of the online trading community. To garner a sufficient number of cryptocurrency traders, the research oversampled cryptocurrency by 285 respondents. The survey was distributed in September of 2018.
Statistical differences between subgroups were tested at a 90% confidence level. Margin of error is +/- 3%.
Source: View release
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Want to get insider access to some of the most innovative advances happening in #fintech. Register for #FFCON23 and hear from global thought leaders what’s next! Click below for Open Access tickets to all virtual programming and on-demand content from FFCON23. |
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Guest Post | March 28, 2023 Introduction Since the 1970s, global finance has seen significant changes that have impacted millions of people. The development of mobile phones and other technologies has enabled new ways to make and manage payments, invest money, and take out loans. But not everyone has been able to benefit from these technological advances. In particular, marginalized communities often lack access to financial services that can help improve their lives. The importance of financial systems The importance of financial systems is often overlooked in the development community. While there have been many innovations in technology and business models, we've failed to keep up with the rapid pace of change in the financial sector. As a result, millions of people still lack access to essential banking products and services, and even more so if you look at those living on less than $2 per day. What's most alarming is that this trend isn't new: it has been going on for decades. In fact, according to data from the World Bank Group's Global Financial Development Database (GDFD), only 1% of all adults worldwide had access to formal savings accounts as recently as 1990 - a number which rose by ...
Read More
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The Verge | Andrew Webster | March 23, 2023 Epic’s CEO, alongside executive VP Saxs Persson, talks about the future of virtual worlds and what needs to happen for the metaverse to really come to fruition. Epic’s outspoken CEO, Tim Sweeney, took some time to talk about one of his favorite topics, the metaverse, which is something the company is putting a lot of money into. Right after the event, I had the chance to sit down with Sweeney, as well as Epic’s executive VP Saxs Persson, to talk about just what the heck a metaverse is and how it might work in practice. See: What CEOs Should Know About the Metaverse Can you give me a clear definition of what the metaverse is? Tim Sweeney: It’s just an online social entertainment experience in a real-time 3D setting. You and your friends, going around having fun together, in a 3D world. What’s happening here is somewhat a phenomenon of scale. We now have enough people with access to powerful devices so that you can actually go out and do this with all of your friends. It’s no longer something for elite computer nerds. That makes you convinced that this is ...
Read More
Read More
CNBC | Hannah Ward-Glenton | Mar 27, 2023 The banking crisis today looks very different from 15 years ago thanks to social media, online banking, and huge shifts in regulation. So how is it different? Social media not only allows rumors to spread more easily, but also much faster. "What social media has done is increase the importance of reputation, perhaps exponentially, and that's part of this problem I think," Donavan added. Social media gives "more scope for damaging rumours to spread" compared to 2008, Jon Danielsson, director of the Systemic Risk Centre at the London School of Economics, told CNBC in an email. "The increased use of the Internet and social media, digital banking and the like, all work to make the financial system more fragile than it otherwise would be," Danielsson said. "There are a couple of tweets and then this thing [the collapse of Silicon Valley Bank] went down much faster than has happened in history," Fraser added. While information can spread within seconds, money can now be withdrawn just as quickly. Mobile banking has changed the fundamental behavior of bank users, as well as the optics of a financial collapse. See: Digital Asset Experts School Senate ...
Read More
Read More
Cato Institute | Jennifer J. Schulp | Feb 17, 2023 What little financial privacy you have when trading stocks is about to get even smaller next month. When you make a stock trade, your broker already is required by the Bank Secrecy Act to maintain records of it, monitor your trading activity, and report any suspicion of illegal activity to the federal government. Starting in March, your broker will be required to directly report all of your trades, including your personal information, to a massive government database. If the Bank Secrecy Act concerns you—and even if it doesn’t—just wait until you hear about the Consolidated Audit Trail (CAT). The Consolidated Audit Trail is intended to collect and accurately identify every order, cancellation, modification, and trade execution for all exchange‐listed equities and options across all U.S. markets, allowing the Securities and Exchange Commission (SEC) to track orders and identify who made them. See: Office of the Privacy Commissioner Announces Digital ID Ecosystem Resolution to Ensure Transparency and Privacy This massive surveillance database is a financial privacy nightmare: The CAT began collecting trading data in 2020, after years of development replete with challenges and controversies. It is scheduled to begin collecting customer information on March ...
Read More
Read More
Coindesk | Nikhilesh De | Mar 22, 2023 The regulator alleged TRX and BTT are unregistered securities, and claimed Sun created an "extensive wash trading" program to boost their trading volume. The SEC said in a press release it was suing Sun, the Tron Foundation, the BitTorrent Foundation and BitTorrent (now known as Rainberry) over the sale of tronix (TRX) and bitTorrent (BTT) tokens, which the regulator described as unregistered crypto asset securities. The regulator further alleged the defendants "fraudulently manipulat[ed]" TRX's secondary market through an "extensive wash trading" scheme. See: SEC Warns Investors: Be Vigilant Regarding Crypto Asset Securities The SEC alleged, by having his own employees "engage in more than 600,000 wash trades of TRX between two crypto asset trading platform accounts he controlled." According to the court filing, Sun's Tron Foundation employees conducted the trades, the BitTorrent and Tron foundations controlled the accounts and Rainberry employees transferred funds for the trading. Celebrity influencers: The agency is also suing Lindsay Lohan, Jake Paul, Soulja Boy, Lil Yachty, Ne-Yo, Akon and Michele Mason on illegal touting charges for their roles allegedly promoting TRX and BTT without disclosing they were paid to do so. The majority of these celebrities settled the ...
Read More
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