Sixty percent of cryptocurrency investors admit they don’t fully understand blockchain technology, the distributed ledger that underpins many cryptocurrencies. Furthermore, 35% of these investors lack confidence in their overall comprehension of cryptocurrency concepts. These findings come from a recent survey conducted by Preply, a language-learning company, examining the knowledge, interest, and experience of 1,001 U.S. residents regarding cryptocurrency.
The survey revealed generational differences in perceived knowledge levels. Millennials reported feeling more confident about their understanding than Gen Z investors, 40% of whom acknowledged uncertainty regarding their crypto knowledge. Additionally, men generally expressed higher confidence levels than women.
Despite the knowledge gaps, 46% of respondents claimed confidence in their understanding of cryptocurrency. There’s also increasing interest in investing, particularly among Gen Xers who haven’t yet entered the market. Roughly 40% of those not currently invested expressed interest in doing so; 27% indicated a desire to enroll in educational classes to improve their crypto literacy.
The need for accessible educational resources was further emphasized 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 invested in the latter had typically invested in the former previously. This trend suggests that involvement in cryptocurrency could serve as a gateway to exploring other digital assets.
To complement the survey findings, Preply analyzed 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 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). This indicates considerable public interest in crypto jargon.
The survey and search trend analysis highlight the growing desire for accessible educational resources to demystify fintech and digital assets. Businesses and organizations should prioritize developing resources that bridge the knowledge gap and foster a more informed understanding of this rapidly evolving landscape.
