A recent study by Preply has revealed that 60% of US residents lack comprehension of blockchain technology. Millennials emerged as the most confident generation regarding cryptocurrency knowledge in the study. However, there was also a gender gap, with men generally feeling more assured about their crypto understanding than women. Despite 46% of respondents expressing overall confidence, a significant portion of crypto investors themselves (35%) harbored doubts about their grasp of cryptocurrency. This uncertainty was particularly prevalent among Gen Z investors, with 40% unsure of their understanding. In anticipation of the future, Gen Xers who had not yet ventured into crypto investment displayed the highest level of interest in potentially doing so.
Across all age groups, 40% of those currently uninvested expressed interest in crypto, with 27% indicating a desire to learn more through educational resources. The survey also revealed a significant knowledge gap regarding NFTs and the metaverse, with only 42% of respondents showing confidence in their understanding. Just 11% of respondents were excited about putting money into NFTs, while 32% expressed interest in participating in the metaverse. This presents a prime opportunity for educational initiatives to bridge the gap in understanding and increase investment enthusiasm.
The study also showed a surge in interest in crypto terminology across the US, with Florida, Washington, and California leading the pack in state-level searches for crypto terms. Orlando and Miami in Florida, along with Atlanta in Georgia, emerged as the cities with the most curious residents actively searching crypto slang. Interestingly, DAO, DEX, and ICO were the crypto-related phrases that people were most likely to search for, suggesting these terms might be particularly confusing for many.
The Fed’s annual Survey of Household Economics and Decisionmaking (SHED) shows a significant decline in US crypto usage compared to previous years. In 2023, roughly 18m US adults reported using cryptocurrencies, representing a substantial drop from 10% in 2022 and 12% in 2021. These findings contradict Coinbase’s claim that 52m Americans own cryptocurrency. This indicates a disconnect between reported ownership and actual usage, highlighting the need for more education and awareness surrounding cryptocurrency and blockchain technology.
Overall, the study by Preply sheds light on the lack of understanding and confidence surrounding blockchain technology and cryptocurrency among US residents. While there is interest in learning more and potentially investing in crypto, there is a need for educational initiatives to bridge the knowledge gap. With the surge in searches for crypto terms and varying levels of confidence across different age groups, there is an opportunity to increase awareness and enthusiasm for cryptocurrency and the metaverse. Education and awareness are key to fostering a more informed and confident population when it comes to blockchain technology and digital assets.
