Crypto confusion: 50% of non-investors don’t understand it well enough to buy

A new report released Tuesday reveals that lack of information remains a major barrier to digital asset adoption among US consumers.

The study, commissioned by the National Cryptocurrency Association (NCA), found that nearly 70% of 2,000 non-crypto holders surveyed said they needed more information before they would consider using digital assets. 

About half of those polled said they lacked understanding about how crypto works, while many others expressed concerns about security and fraud, as well as the individuals behind projects. The survey found that 34% of participants were open to learning more about digital assets.

“Curiosity is high, but confidence is low,” said the NCA report. “Many non-crypto holders are open to learning and even taking action, but feel held back by confusion, doubt and a lack of trustworthy information.”

The NCA is headed by the chief legal officer of Ripple Labs, Stuart Alderoty. Launched in March, the nonprofit is backed with a $50-million grant from Ripple with the goal of “help[ing] Americans make sense of crypto” by sharing stories of adoption.

The second quarter survey fell short compared to data released by the NCA in May. The Harris Poll questioned 54,000 people at that time, suggesting that about one in five US-based adults owned some form of cryptocurrency.

Ripple steps up presence in Washington

Ripple chief legal officer and NCA president Stuart Alderoty described the NCA as “politically agnostic” during its launch in March, although he and other Ripple executives have maintained an active presence in Washington, D.C.

Alderoty and two other Ripple executives visited the White House last week as official guests to see US President Donald Trump sign a stablecoin bill into law, while CEO Brad Garlinghouse attended the inauguration in January and a crypto summit in March. He also testified at a July hearing of the US Senate Banking Committee to explore a digital asset market structure bill.