A recent study reveals that 60% of US residents lack comprehension of blockchain technology. The study, conducted by the language learning marketplace Preply, highlighted generational and gender disparities in cryptocurrency knowledge. Millennials emerged as the most confident generation regarding their understanding of cryptocurrency, while men generally felt more assured about their crypto knowledge than women.
Key Findings
Despite 46% of respondents expressing confidence in their overall understanding of cryptocurrency, a significant portion of crypto investors themselves (35%) harbored doubts about their grasp of the subject. This uncertainty was particularly pronounced among Gen Z investors, with 40% unsure of their understanding.
Interest in Future Investments
Among those who had not yet invested in cryptocurrency, Gen Xers displayed the highest level of interest in potentially doing so. Across all age groups, 40% of currently uninvested individuals expressed interest in crypto, and 27% indicated a desire to learn more through educational resources.
Knowledge Gaps in NFTs and the Metaverse
The survey also identified significant knowledge gaps regarding non-fungible tokens (NFTs) and the metaverse. Only 42% of respondents felt confident in their understanding of these concepts, highlighting a prime opportunity for educational initiatives. This lack of knowledge might explain the low investment enthusiasm, with only 11% excited about investing in NFTs. However, the metaverse sparked greater curiosity, with 32% expressing interest in participating.
Increased Interest in Crypto Terminology
Preply’s study showed a surge in interest in crypto terminology across the US. Florida, Washington, and California led in state-level searches for crypto terms. Cities like Orlando, Miami, and Atlanta emerged as hotspots for residents actively searching for crypto slang. Notably, terms like DAO (Decentralized Autonomous Organization), DEX (Decentralized Exchange), and ICO (Initial Coin Offering) were the most searched, indicating these concepts might be particularly confusing for many.
Decline in Crypto Usage
Contrary to some claims, the Federal Reserve’s annual Survey of Household Economics and Decisionmaking (SHED) indicated a significant decline in US crypto usage. In 2023, approximately 18 million US adults reported using cryptocurrencies, down from 10% in 2022 and 12% in 2021. These findings contradict Coinbase’s assertion that 52 million Americans own cryptocurrency.
The study underscores the need for more educational resources to bridge the knowledge gaps in blockchain, cryptocurrency, NFTs, and the metaverse. With increasing interest but prevalent uncertainty, targeted educational initiatives could enhance understanding and foster greater confidence in these emerging technologies.
Source: cryptonews.com
