We have always heard of surveys that research how many people hold cryp[to in different nations. But this time, things are different as the survey is about the basic knowledge of people in the topic. In the recent crypto literacy report, it was found that 96% of Americans lack basic crypto knowledge. This number was even higher for Brazil at 99%.
Lack of basic crypto knowledge
Bitcoin’s biggest fundamental is that its supply is capped at 21 million, which is unlike any fiat currency. The sad part is that 90% of people didn’t even know about the same. There were a lot of other questions asked to different participants in different nations. All topics like NFTs, DeFi, Bitcoin, and crypto, in general, were covered in these questions. Another important thing that was discovered was that most people who own crypto had better knowledge about it.
The crypto literacy survey also found out that our goal to bring financial inclusion to everyone with crypto is not happening. Older and less educated users are being left behind, and most investors are either young or highly educated. This is a problem as the subject of crypto is not that simple and for older people to grasp its idea is difficult.
How do old and young generations view crypto?
It was seen that while older people invest in it as a more long-term solution, younger people are more inclined to sell crypto. This study varied from place to place and geography-wise, but the results were more or less similar. For example, 25% of Brazilians said that they would use crypto to pay for goods and services. On the other hand, only 13% of Americans said the same, which is half the number. In fact, 50% of Americans said that they would hold crypto as a long-term investment for the future.
It is important that basic crypto knowledge is imparted to investors and individuals interested in the topic. Understanding the entity or asset one is investing in is just as important as putting the money in it.
Were you shocked to find out that 96% of 96% of Americans lack basic crypto knowledge? And can you suggest a way by which this amount can be increased? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Jamie Dimon says crypto has no intrinsic value: Warns people.