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- Crypto owners have more idea about its basic concept than others
- 96% of the American citizens lack basic knowledge about digital assets
- 99% of Mexican and Brazilian residents also failed to grasp the basic concept behind virtual currencies
- 9 out of the 10 respondents of a survey have no idea about BTC’s supply cap
- youth are more likely to spend digital assets whereas, older generations see them as an investment class
Crypto industry is getting mainstream attention almost everywhere across the globe. Several nations are taking measures to bring cryptocurrency literacy among their residents. However, recently a study has revealed that 96% of the American citizens lack basic knowledge about digital assets. On the other hand, 99% of Mexican and Brazilian residents also failed to grasp the basic concept behind virtual currencies. Among all the respondents of the survey who are aware of Bitcoin, only 17% in the US, 15% in Brazil, and 14% in Mexico own the asset.
Despite interest crypto knowledge is lacking
CryptoLiteracy.org has recently conducted a survey. The researchers leveraged a YouGov survey to sample roughly 1k participants who are aware of crypto industry like Bitcoins, decentralized finance (DeFi), Non-Fungible Tokens (NFTs), and general sentiment.
The survey has disclosed that 9 out of the 10 respondents have no idea about BTC’s supply cap. Although following tremendous price actions many are willing to invest in cryptocurrencies, the survey revealed that crypto knowledge is lacking. According to the study, comprehension of crypto assets’ fundamentals is low this year. Notably, one of the vital findings of the study shows that ownership is the best teacher. Indeed, the respondents owning the cryptocurrency had answered the 17-question quiz correctly.
Cryptocurrency fails in financial inclusion
According to the latest survey only 33% of the respondents thought that purchasing cryptocurrency is easy in the current time. Hence, the report deemed that digital assets are failing its mission of financial inclusion.
According to the study, such ownerships of crypto tend to point to wealthy and highly educated users at this point in time. Meanwhile, older generations are left far behind in regards to virtual currency comprehension.
Indeed, 67% of the United States Baby Boomers had a lack of digital assets knowledge. In contrast, youth are more likely to spend digital assets whereas, older generations see them as an investment class.
Mexicans and Brazilians are likely to trade cryptocurrency
The survey conducted by CryptoLiteracy has also observed that Mexicans and Brazilians are more likely to trade digital currency in the next six months. Notably, 25% of the Brazilians and one-third of the Mexican respondents would use digital assets to pay for goods and services. On the other hand, only 13% of the Americans advised that they would use such assets to pay for goods and services. However, 50% of the American respondents believed that cryptocurrency is a way to save for the future.
