A new survey has been done by the Moscow-based cybersecurity firm. They have revealed that 19% of people across the globe purchased cryptocurrency before the year 2019. The survey was carried out in October and they had a total of 13,434 respondents. When you look at the report, you will see that 81% of the population had never purchased it before, and that 10% said that they understand fully how it works. Only 14% who had never used it before, would be interested in trying it out for themselves in the future.
When you look at some of the major reasons why investors have stopped using the currencies, you will see that a lot of them believe that the market is just too volatile right now. They have stated that they need way more stability and that this needs to happen before they would even think about using it. Volatility accounts for 31%, but some of the other reasons include loss of money due to the bear market. It’s also believed that crypto isn’t that profitable anymore and that this is a major concern. 22% of respondents also claimed that they stopped using it because they are not backed by real assets. Fraud and even hacks are not the biggest reasons for people not wanting to use the currency either, and now crypto users are becoming very disillusioned. A press release accompanied the report and it has been noted that the adoption of cryptocurrency is slowing down, and this is because most people don’t actually know how they work.