Majority of US crypto investors lack understanding of blockchain technology

Around 60% of cryptocurrency investors admit they do not fully understand blockchain technology, the distributed ledger behind many cryptocurrencies.

Additionally, 35% of crypto investors lack confidence in their overall grasp of cryptocurrency concepts.

This information comes from a survey by Preply, a language-learning company, which assessed the knowledge, interest, and experience of 1,001 U.S. residents regarding cryptocurrency.

Preply’s survey revealed generational differences in perceived knowledge levels. Millennials reported greater confidence in their understanding of cryptocurrency compared to Gen Z investors, of whom 40% admitted uncertainty about their crypto knowledge. Additionally, men generally expressed higher confidence levels than women.

Despite these gaps, 46% of respondents claimed confidence in their understanding of cryptocurrency. There is also a rising interest in investing, particularly among Gen Xers who have not yet entered the crypto market. About 40% of those not currently invested expressed interest in doing so, and 27% indicated a desire to enroll in educational classes to improve their crypto literacy.

The need for accessible educational resources is further underscored 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 excitement about investing in NFTs, while a more substantial 32% showed curiosity about participating in metaverse platforms.

The survey also found 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 complement the survey findings, Preply analyzed Google search volume data for 29 crypto-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 terms were Florida, Washington, and California, while the cities of Orlando, Miami, and Atlanta showed the highest interest in crypto-related searches.

Notably, the most frequently searched terms were abbreviations and acronyms such as DAO (Decentralized Autonomous Organization), DEX (Decentralized Exchange), and ICO (Initial Coin Offering), indicating a strong curiosity about crypto jargon among the general public.

The survey and search trend analysis collectively highlight the growing demand for accessible educational resources to demystify fintech and digital asset terminology.

As these novel technologies continue to gain mainstream adoption, businesses and organizations should prioritize developing resources to bridge the knowledge gap and foster a more informed understanding of this rapidly evolving landscape.

Source: blockchaintechnology-news.com

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