Survey Shows Low Levels of Cryptocurrency Literacy.
Cryptocurrency continues to expand through the global economy, but approximately 96% of Americans were unable to pass a quiz about the fundamentals of cryptocurrency, according to results of the inaugural Crypto Literacy Survey, part of a consumer education initiative from a coalition of key players in the digital currency industry.
The quiz consisted of 17 questions to assess knowledge of cryptocurrency, bitcoin, De-Fi, blockchain, mining, types of wallets, and non-fungible tokens (NFTs), as well as general feelings about digital currencies.
The quiz was developed by Cryptoliteracy.org, a coalition that includes Coinme, CoinDesk, and the Digital Currency Group. The coalition website launched in November in honor of the first annual Crypto Literacy Month and includes complete results of the 2021 survey.
The survey and quiz were sent to 1,000 cryptocurrency or bitcoin-aware internet users in the United States, Mexico, and Brazil, balanced across age, gender, and education level (plus race/ethnicity in the U.S.). Similar to the low pass rate of 4% in the United States, 99% of Brazilian and Mexican participants did not pass the quiz.
However, according to the survey, 30% of Brazilians and 28% of Mexicans say they intend to buy or sell cryptocurrencies in the next six months, compared to 12% of Americans.
“Our industry needs to do more to improve crypto literacy throughout the world. By doing so, we can help people improve their lives by understanding how to utilize cryptocurrencies,” says Neil Bergquist, CEO and co-founder of Coinme.
“As a champion of equal and simple access to digital currencies, Coinme is proud to lead this effort in collaboration with key industry partners,” he adds.
Other key insights from the survey show that overall, cryptocurrency owners scored higher on the crypto-literacy quiz and that most owners are younger, wealthier, and male.
In addition, younger generations in the United States are nearly three times more likely to use cryptocurrency as a means of payment, while older generations tend to view it as an investment.
Consumers around the world are invited to test their cryptocurrency literacy by taking the Crypto Literacy Quiz online. Scores will be privately emailed to participants, along with tailored courses provided by CoinDesk to improve knowledge of cryptocurrency concepts.
Visit cryptoliteracy.org to learn more about cryptocurrencies, test your knowledge, challenge your friends, and read complete results from the annual survey.