US crypto investors lack understanding of blockchain technology

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

Furthermore, 35% of crypto investors lack confidence in their overall understanding of cryptocurrency concepts.

This is according to a survey conducted by Preply, a language-learning company, examined the knowledge, interest, and experience of 1,001 U.S. residents regarding cryptocurrency.

Interestingly, Preply’s survey highlighted generational differences in perceived knowledge levels. Millennials reported feeling more confident about their comprehension of cryptocurrency compared to Gen Z investors, 40% of whom acknowledged uncertainty regarding their crypto knowledge. Additionally, men generally expressed higher confidence levels than women.

Despite these knowledge gaps, it is noteworthy that 46% of respondents claimed confidence in their understanding of cryptocurrency. Moreover, there is a growing interest in investing, particularly among Gen Xers who have yet to enter the crypto market. Approximately 40% of those not currently invested expressed interest in doing so, and 27% indicated a desire to enrol in educational classes to enhance their crypto literacy.

The need for accessible educational resources was further emphasised 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% demonstrated curiosity about participating in metaverse platforms.

Furthermore, 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 complement the survey findings, Preply analysed 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 stood out for their high interest in crypto-related searches.

Notably, the most frequently searched terms were abbreviations and acronyms such as DAO (Decentralized Autonomous Organization), DEX (Decentralised 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 appetite for accessible educational resources that can demystify the terminology surrounding fintech and digital assets.

As these novel technologies continue to gain mainstream adoption, businesses and organisations would be well-advised to prioritise the development of resources that can bridge the knowledge gap and foster a more informed understanding of this rapidly evolving landscape.

Want to learn more about blockchain from industry leaders? Check out Blockchain Expo taking place in Amsterdam, California and London.

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