Blockchain
US cryptocurrency investors do not understand blockchain technology
Around 60% of cryptocurrency investors admit they don’t fully understand blockchain technology – the distributed ledger underlying many cryptocurrencies.
Additionally, 35% of cryptocurrency investors lack confidence in their overall understanding of cryptocurrency concepts.
This second to survey conducted by Preplya language learning company, surveyed the knowledge, interest and experience of 1,001 US residents regarding cryptocurrency.
Interestingly, Preply’s survey highlighted generational differences in perceived knowledge levels. Millennials reported feeling more confident in their understanding of cryptocurrency than Gen Z investors, 40% of whom acknowledged uncertainty regarding their knowledge of cryptocurrencies. Additionally, men generally expressed higher levels of trust than women.
Despite these knowledge gaps, it is interesting to note that 46% of respondents said they were confident in their understanding of cryptocurrency. Additionally, there is growing interest in investing, particularly among members of Generation X who have yet to enter the cryptocurrency market. Approximately 40% of those who have not currently invested have expressed interest in doing so, and 27% have indicated a desire to enroll in educational courses to improve their crypto literacy.
The need for accessible educational resources was further highlighted by the finding that only 42% of respondents felt confident in their knowledge of non-fungible tokens (NFTs) and the metaverse. This knowledge deficit may explain why only 11% expressed enthusiasm for investing in NFTs, while a more substantial 32% demonstrated curiosity about participating in metaverse platforms.
Additionally, the survey uncovered a potential link between cryptocurrency and NFT investments, as those who had invested in NFTs had previously invested in cryptocurrency. This trend suggests that involvement in cryptocurrency could serve as a gateway to exploring other digital assets.
To supplement the survey results, Preply analyzed Google search volume data for 29 cryptocurrency-related terms across all 50 states and 181 major U.S. cities over the past 12 months. The states with the highest search volume for cryptocurrency-related terms were Florida, Washington and California, while the cities of Orlando, Miami and Atlanta stood out for their high interest in cryptocurrency-related searches.
In particular, the most frequently searched terms were abbreviations and acronyms such as DAO (Decentralized Autonomous Organization), DEX (Decentralized Exchange), and ICO (Initial Coin Offer), indicating a strong curiosity about crypto jargon among the general public.
The survey and analysis of search trends collectively highlight the growing interest in accessible educational resources that can demystify the terminology surrounding fintech and digital resources.
As these new technologies continue to be adopted by everyone, companies and organizations would do well to prioritize the development of resources that can bridge the knowledge gap and foster a more informed understanding of this rapidly evolving landscape.
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