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60% of US Citizens Confess Lack of Clarity on Blockchain: Survey
Last Updated: May 27, 2024 12:43am EDT | 1 minute read
A recent study revealed that 60% of US residents do not understand blockchain technology.
Millennials have emerged as the most confident generation regarding cryptocurrency knowledge, according to a recent study by language learning marketplace Preply. A gender gap has also been found, where men generally feel more confident than women about their understanding of cryptocurrencies.
However, while 46% of respondents expressed overall confidence, a significant portion of cryptocurrency investors themselves (35%) had doubts about their mastery of cryptocurrency. This uncertainty was especially prevalent among Gen Z investors, with a staggering 40% unsure of their understanding.
Looking ahead, Gen Xers who had not yet ventured into cryptocurrency investing showed the highest level of interest in doing so.
Image source: Preply
Across all age groups, 40% of those who are not currently investing expressed interest in cryptocurrencies, and a significant 27% indicated a desire to learn more through educational resources.
Survey Shows Low Trust in NFTs, Metaverse
The investigation also revealed a significant knowledge gap in this regard NFTs and the metaverse. Only 42% of respondents showed confidence in their understanding, presenting an excellent opportunity for educational initiatives.
This lack of knowledge could explain the low enthusiasm for investing, with only 11% enthusiastic about putting money into NFTs. However, the metaverse sparked more curiosity, with 32% expressing interest in participating.
Cities across the United States search for blockchain-related answers
Preply’s study also showed an increase in interest in cryptocurrency-related terminology in the United States. Florida, Washington, and California lead the pack when it comes to state-level searches of crypto terms.
Likewise, Orlando and Miami in Florida, along with Atlanta in Georgia, have emerged as the cities with the most curious residents who actively seek out cryptocurrency lingo. Interestingly, DAO, DEX and ICO were the cryptocurrency-related phrases people were most likely to search for, suggesting that these terms may be particularly confusing for many.
The Fed’s annual Survey of Household Economics and Decisionmaking (SHED) shows a significant decline in cryptocurrency usage in the United States compared to previous years.
In 2023, more or less 18 million US adults reported using cryptocurrencys, according to the survey. This represents a substantial decline from 10% in 2022 and 12% in 2021. These results contradict Coinbase’s claim that 52 million Americans own cryptocurrency.