Even though cryptocurrency and blockchain technology has taken off in popularity over the past few years, the complicated nature of both still represents a stumbling block for interested people who might want to start investing on their own.
A December survey from eToro U.S. asked respondents about interest in learning more about digital currencies and questioned people’s knowledge on the industry.
69% of respondents indicated they had interest in learning more about cryptocurrencies. 75% asserted a lack of knowledge about digital currency assets, whole 20% of those who did hold crypto said they did not have the necessary understanding of virtual currency.
44% of respondents said they did not invest in cryptocurrency because they maintained a lack of knowledge about them.
U.S. managing director of eToro, Guy Hirsch, said the results showed a “serious lack of education resources available to those who would like to invest in or learn more about crypto.”
The results also suggested a potentially big market opportunity for effective and interesting crypto-related educational content. 67% of those polled said they just invested by looking at their preferred online trading platform. 43% kept up with social media channels to get information about virtual currencies.
In a recent interview, eToro senior market analyst Mati Greenspan highlighted the fact that the ‘key to success’ for cryptocurrency and blockchain would be “education, education, education.”
Greenspan said education should be at the “top of the agenda this year” due to a large desire by people to gain knowledge of the space. He said a clear example of the “level of education that is needed here” could be attributed to a different eToro survey conducted in the United Kingdom that found a distinct lack of crypto-related knowledge among asset managers.
Much of Greenspan’s thoughts were echoed by Sally Eaves, a professor and the CEO of the Sustainable Asset Exchange.
She told Express.co.uk how “mainstream adoption and accelerated growth are dependent on broadened awareness and accessibility to quality information.”
Eaves cited research that said 38% of the British population did not have an understanding of virtual currency, but how 61% asserted a desire to learn more about it.
She advocated for the existence of
“bias-free education resources” that would appeal to a wide range of audiences, including those with no prior background knowledge. Eaves said impactful educational resources would cut out jargon and instead focus on the “benefits of application over technical specifics.”
Some learning institutions, like the Seoul School of Integrated Sciences and Technologies, have jumped out ahead when it comes to crypto-focused education.
The school said in December it would offer a new MBA that focused on cryptocurrencies. The degree program will also touch on the blockchain, smart contracts, crypto funds, and dApps.
Difficult and confusing technical jargon has been identified as one of the more off-putting attributes of cryptocurrency, according to Express.co.uk, citing a variety of surveys from 2018.
Many in the industry maintain educational resources with simple and clear explanations for terms and phrases would go a long way towards fostering crypto adoption among those with no prior investment experience.
Eaves said these types of educational resources would give people the ability to “clarify the distinctions between cryptocurrency and underlying blockchain technology, and make informed choices, whether around investment potential or career development choices.”
Bakkt Futures to Launch in the Current Quarter
Managing director and quant strategist at Fundstrat Global Advisors Sam Doctor suggested in a Twitter post published on July 19 that Bakkt’s Bitcoin (BTC) futures contracts will launch this quarter.
According to the post, which includes a summary of Fundstrat’s takeaways from the Bakkt Digital Asset Summit held on July 18, the firm’s futures will launch in the current quarter. The launch is set to follow tests announced last month, which are scheduled to start next week. The firm believes that the launch will be a catalyst to accelerate entry of traditional institutional investors. The post notes:
“THERE APPEARS TO BE A CRITICAL MASS OF ADOPTERS READY TO COME ON BOARD ON DAY 1 OF THE BAKKT LAUNCH, WITH THE SALES TEAM GAINING TRACTION AMONG BROKERS, MARKET MAKERS, PROP TRADING DESKS AND LIQUIDITY PROVIDERS.”
During the aforementioned event, Commodities Futures Trading Commission (CFTC) commissioner Dawn Stump apparently expressed that no current cryptocurrency could threaten financial stability and that the regulator sees a growing demand for Bitcoin futures from the public. Also during the summit, chief information officer at crypto investment firm Blocktower Ari Paul was reportedly confident that once a killer app or user interface makes cryptocurrency on-ramps safe, reliable and as easy to use as Paypal, retail adoption will be enormous.
According to the Fundstrat notes, Paul also said that institutions should not dismiss crypto assets, considering their low correlation with traditional assets and with compound annual growth rates of 200%-300%. He also said that inflation and confiscation resistance of cryptocurrencies are a key value proposition.
Pantera Capital CEO Dan Morehead, on the other hand, said that most tokens will fail and a handful of base protocols will survive, but with thousands of decentralized applications built on top of them.
As Cointelegraph reported in May, the Intercontinental Exchange is reportedly taking steps to ensure approval from the United States CFTC for Bakkt.
Bitcoin Price Slips 10% in 24 Hrs as Fed Raises Facebook Libra Concerns
Bitcoin Price Slips 10% in 24 Hrs as Fed Raises Facebook Libra Concerns
Bitcoin price (BTC) shed more than 10% on July 11 as markets appeared to react to criticism of Facebook’s Libra from a senior United States lawmaker.
Market visualization courtesy of Coin360
Data from Coin360 sees the majority of cryptocurrencies firmly in the red Thursday, hours after Federal Reserve Chairman Jerome Powell said Facebook’s offering should not continue development.
Libra, which aims to act firstly as a cross-border payment method, allegedly buoyed Bitcoin throughout recent weeks, with commentators arguing its public profile was driving publicity and uptake of Bitcoin itself.
Powell’s demands, which follow similar words from representatives of the Senate House of Financial Services Committee, leant weight to that theory.
“Libra raises serious concerns regarding privacy, money laundering, consumer protection, financial stability,” he said during a speech before a congressional committee. “These are concerns that should be thoroughly and publicly addressed.”
“THESE ARE CONCERNS THAT SHOULD BE THOROUGHLY AND PUBLICLY ADDRESSED.”
At press time, BTC/USD traded down 10.4% at $11,530, having risen as high as $13,160 in recent days.
Bitcoin 7-day price chart. Source: Coin360
The drop places the pair still within its recent corridor between around $9,700 and $13,800, with volatility still in evidence across crypto markets.
Altcoins, meanwhile, delivered noticeably worse performance as Bitcoin price fell, with several assets in the top twenty by market cap shedding 15% or more.
Ether (ETH), the largest altcoin, lost a similar amount to Bitcoin, hitting $272 and firmly losing support at $300 once again.
Ether 7-day price chart. Source: Coin360
Among the worst performers were Bitcoin SV (BSV), which lost 17.2%, and EOS (EOS), which was down 20.2%.KEEP TRACK OF TOP CRYPTO MARKETS IN REAL TIME HERE
Bitcoin Approaches $11,000 With All Top 20 in Green
Saturday, July 20 — crypto markets have seen another upward move, with all top 20 coins by market cap seeing major gains, while Bitcoin (BTC) has approached $11,000 mark again.
After dipping below the $11,000 threshold on July 14, Bitcoin has approached the price point today, with its intraday high of $10,944, according to data from CoinMarketCap. The biggest cryptocurrency added 3.7% to its price to trade at $10,922 at press time. As Bitcoin has seen significant volatility this week, with its price having dipped below $9,500, the cryptocurrency is down around 3% over the past 7 days at press time.
Ether (ETH), the second cryptocurrency by market cap, is up over 5% and trading at $232 at press time. The top altcoin is down 13.4% over the past 7 days.
Ripple (XRP), the third top cryptocurrency by market cap, added 6.4% to trade at $0.339, also seeing a notable growth over the past 7 days, adding up to about 2.6%.
Bitcoin SV (BSV), the ninth top cryptocurrency by market cap, has added over 25% to its value today, seeing the biggest growth among the top 20 coins by market cap.
As of press time, total market capitalization amounts to $298 billion after that number dropped below $250 billion earlier this week. Daily trade volume amounts to around $63 billion.
The new wave of green on crypto markets follows a recent bullish prediction by managing director and quant strategist at Fundstrat Global Advisors Sam Doctor, who suggested that much-anticipated Bakkt’s Bitcoin futures contracts will launch in Q3 2019.
Additionally, India’s Minister of State for Finance Anurag Thakur said yesterday that there is no legislation in India that expressly bans citizens from using cryptocurrencies.