The recent market downturn in 2022, coupled with ongoing malicious activity, has led to a liquidity crisis, and left many crypto owners feeling uncertain about their investments. These challenges frighten holders of digital currencies, leading some to avoid investing or even leave the industry altogether. Trends like these are among the main factors Kaspersky's latest survey* identified leading some cryptocurrency enthusiasts to stop using digital currencies.
Currency volatility is a major barrier to the wider adoption of cryptocurrency. In fact, 48 percent of respondents said they were afraid to use crypto because they do not want to risk losing their money. Unfortunately, 10 percent of respondents had already experienced losses due to a drop in currency values. Concerns about losing money due to currency volatility also extend to those who don't own crypto. A whopping 61 percent of non-crypto owners said they refuse to use cryptocurrency because they are worried about the risking their money.
Other barriers to
adoption include the lack of tangible assets backing crypto (14% of
respondents) and the risk of revealing personal data during a cyberattack (6%
of respondents).
These findings suggest that stability and
security are key issues for the wider adoption of cryptocurrency. In fact,
every eighth respondent no longer trusts crypto at all.
When it comes to user presumptions, the picture is somewhat mixed. In the Asia-Pacific region, 41 percent of respondents said their expectations had been exceeded, while 35 percent said they had not been met. However, in Europe, where regrets about investing in crypto were most common, 41 percent of respondents said their expectations were only met to some extent or not at all. This compares to just 26 percent who said their hopes were fulfilled by cryptocurrencies.
“Despite the challenges currently facing the cryptocurrency industry, it is important to remember that it is still a relatively new and innovative space with tremendous potential. As with any emerging technology, there will be growing pains and setbacks, but the long-term prospects might still be bright for crypto. By prioritizing security, cryptocurrency enthusiasts can minimize the risk of losing money or personal information and protect against threats that depend on them,” comments Marc Rivero, Senior Security Researcher at Kaspersky’s Global Research and Analysis Team.
Read the full report on Kaspersky Blog.
To maximize the benefits of using cryptocurrency safely, Kaspersky experts also recommend:
* Kaspersky commissioned Arlington Research to undertake quantitative global online research with 12,000 people from 16 countries including Austria, Brazil, Colombia, France, Germany, India, Malaysia, Mexico, Saudi Arabia, South Africa, Spain, Switzerland, Turkey, UAE, the UK, and the USA.
About Kaspersky
Kaspersky is a global cybersecurity and digital privacy company founded in 1997. Kaspersky’s deep threat intelligence and security expertise is constantly transforming into innovative security solutions and services to protect businesses, critical infrastructure, governments and consumers around the globe. The company’s comprehensive security portfolio includes leading endpoint protection and a number of specialized security solutions and services to fight sophisticated and evolving digital threats. Over 400 million users are protected by Kaspersky technologies and we help 240,000 corporate clients protect what matters most to them. Learn more at www.kaspersky.com.
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