Tech
US Cryptocurrency Investors Don’t Understand Blockchain Technology
About 60% of cryptocurrency investors admit they don’t fully understand it Blockchain Technology – the distributed ledger on which many cryptocurrencies are based.
Additionally, 35% of cryptocurrency investors lack confidence in their overall understanding of cryptocurrency concepts.
This is according to a survey conducted by Preplya language learning company, surveyed 1,001 U.S. residents about their knowledge, interests, and experience with cryptocurrencies.
Interestingly, Preply’s survey highlighted generational differences in perceived knowledge levels. Millennials reported feeling more confident in their understanding of cryptocurrency than Gen Z investors, with 40% of them reporting uncertainty about their knowledge of cryptocurrency. Additionally, men generally expressed higher levels of confidence than women.
Despite these knowledge gaps, it is noteworthy that 46% of respondents said they are confident in their understanding of cryptocurrency. Additionally, there is growing interest in investing, particularly among Gen Xers who have yet to enter the cryptocurrency market. About 40% of those who have not currently invested expressed interest in doing so, and 27% indicated a desire to enroll in educational courses to improve their cryptocurrency literacy.
The need for accessible educational resources was further underscored by the finding that only 42% of respondents felt confident in their knowledge of non-fungible tokens (NFTs) and the metaverse. This lack of knowledge may explain why only 11% expressed enthusiasm for investing in NFTs, while a more substantial 32% expressed curiosity about participating in metaverse platforms.
Additionally, the survey found a potential link between cryptocurrency and NFT investing, as those who 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 supplement the survey results, Preply analyzed Google search volume data for 29 cryptocurrency-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 cryptocurrency-related searches.
In particular, the most frequently searched terms were abbreviations and acronyms such as DAO (Decentralized Autonomous Organization), DEX (Decentralized Exchange) and ICO (Initial Coin Offering), demonstrating a strong curiosity of the general public towards cryptocurrency jargon.
The survey and analysis of research trends together highlight the growing interest in accessible educational resources that demystify the terminology surrounding financial technology and digital assets.
As these new technologies continue to be widely adopted, businesses and organizations would be wise to prioritize the development of resources that can bridge the knowledge gap and promote a more informed understanding of this rapidly evolving landscape.
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