- A recent study has revealed that 60% of US residents lack comprehension of blockchain technology.
- Millennials emerged as the most confident generation regarding cryptocurrency knowledge, according to a recent study by language learning marketplace Preply.
- It also found a gender gap, with men generally feeling more assured about their crypto understanding than women.
Discover the surprising insights from a recent survey revealing the knowledge gap in blockchain and cryptocurrency among US citizens, and explore the potential for future educational initiatives.
Survey Highlights Knowledge Gaps in Blockchain and Cryptocurrency
The survey conducted by Preply highlights a significant knowledge gap among US citizens regarding blockchain technology. Despite the growing popularity of cryptocurrencies, 60% of respondents admitted to lacking a clear understanding of blockchain. Interestingly, Millennials were found to be the most confident generation, with a notable gender disparity where men felt more knowledgeable than women.
Confidence Levels Among Different Generations
While 46% of the participants expressed overall confidence in their cryptocurrency knowledge, a substantial 35% of crypto investors themselves doubted their understanding. This uncertainty was particularly pronounced among Gen Z investors, with 40% unsure of their grasp on the subject. On the other hand, Gen Xers who had not yet invested in cryptocurrencies showed the highest interest in potentially doing so in the future.
Survey Shows Low Confidence in NFTs, Metaverse
The survey also revealed a significant knowledge gap regarding NFTs and the metaverse. Only 42% of respondents showed confidence in their understanding, presenting a prime opportunity for educational initiatives. This lack of knowledge might explain the low investment enthusiasm, with just 11% excited about putting money into NFTs. However, the metaverse sparked greater curiosity, with 32% expressing interest in participating.
US Cities Search for Blockchain-Related Answers
Preply’s study also showed a surge in interest in crypto terminology across the US. Florida, Washington, and California led the pack when it came to state-level searches for crypto terms. Similarly, Orlando and Miami in Florida, along with Atlanta in Georgia, emerged as the cities with the most curious residents actively searching crypto slang. Interestingly, DAO, DEX, and ICO were the crypto-related phrases that people were most likely to search for, suggesting these terms might be particularly confusing for many.
Decline in US Crypto Usage
The Fed’s annual Survey of Household Economics and Decisionmaking (SHED) shows a significant decline in US crypto usage compared to previous years. In 2023, roughly 18 million US adults reported using cryptocurrencies, according to the survey. This represents a substantial drop from 10% in 2022 and 12% in 2021. These findings contradict Coinbase’s claim that 52 million Americans own cryptocurrency.
Conclusion
The recent survey underscores the substantial knowledge gaps and varying confidence levels among US citizens regarding blockchain and cryptocurrency. While Millennials and men generally feel more confident, significant portions of the population, including Gen Z and women, express doubts. The findings highlight the need for comprehensive educational initiatives to bridge these gaps and foster a more informed and confident investor base. As interest in NFTs and the metaverse grows, targeted educational efforts could play a crucial role in shaping the future of crypto investments in the US.
