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60% of US Citizens Confess Lack of Clarity on Blockchain: Survey

source-logo  cryptonews.com 27 May 2024 08:47, UTC

A recent study has revealed that 60% of US residents lack comprehension of blockchain technology.

Millennials emerged as the most confident generation regarding cryptocurrency knowledge, according to a recent study by language learning marketplace Preply. It also found a gender gap, with men generally feeling more assured about their crypto understanding than women.

However, 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 a staggering 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.

Image Source: Preply

Across all age groups, 40% of those currently uninvested expressed interest in crypto, and a significant 27% indicated a desire to learn more through educational resources.

Survey Shows Low Confidence in NFTs, Metaverse

The survey also revealed a significant knowledge gap regarding NFTs and the metaverse. Only 42% of respondents showed confidence in their understanding, presenting a prime opportunity for educational initiatives.

This lack of knowledge might explain the low investment enthusiasm, with just 11% excited about putting money into NFTs. However, the metaverse sparked greater curiosity, with 32% expressing interest in participating.

US Cities Search for Blockchain-Related Answers

Preply’s study also showed a surge in interest in crypto terminology across the US. Florida, Washington, and California led the pack when it came to state-level searches for crypto terms.

Similarly, 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, according to the survey. This represents a substantial drop from 10% in 2022 and 12% in 2021. These findings contradict Coinbase’s claim that 52m Americans own cryptocurrency.