Americans are investing in crypto to save for the future, according to a report by CryptoLiteracy.org, an industry initiative promoting broad consumer education of digital currencies. The report also finds an increase in crypto literacy as well as an increase in interest in education around cryptocurrencies.
Neil Bergquist, CEO and co-founder of Coinme, said: “Now more than ever, it’s vital we increase crypto literacy and help people understand the nuances of crypto, like how to self-custody and safely transact.”
You can take the Crypto Literacy Challenge to see how your crypto knowledge stacks up. https://cryptoliteracy.org/quiz/
“CryptoLiteracy.org was created to give consumers an educational guide to understanding risk and mitigating loss in a confusing environment. Although these results suggest that we still have work to do to improve crypto literacy, the results are also encouraging as consumers are becoming more interested in learning about crypto and, therefore, more crypto literate and likely to make the right decisions to improve their personal outcomes.”
Crypto Literacy Month provides educational content to educate consumers on cryptocurrency and blockchain technology hosted on CryptoLiteracy.org.
The content touches on basic cryptocurrency concepts such as bitcoin, blockchain, how transactions work, NFTs/ Web3, and more. In addition, people worldwide can test their crypto comprehension with coursework curated by CoinDesk.
Key 2022 Crypto Literacy Survey Findings
The 2022 Crypto Literacy Survey found a significant crypto knowledge gap in the U.S., as 91% of respondents still need to receive a passing score on the quiz. However, when compared to the results from the 2021 survey, the average percentage of respondents answering “Don’t Know” to questions declined by 10%. Since the average rate of questions answered correctly has increased, it suggests that crypto-aware individuals have increased their knowledge of the subject over the past 12 months.
Additional key insights from the survey include:
- Crypto literacy is improving: The number of respondents who passed the literacy test (scoring 60% or higher) doubled in 2022 (9%) from 2021 (only 4%).
- Crypto ownership is increasing: Nearly one in three Americans now own crypto. In addition, Crypto ownership in the U.S. increased 88% YoY – from 17% in 2021 to 32% in 2022. The nearly double increase is promising for the outlook on crypto adoption in the U.S.
- Savings is the top crypto use case for Americans: The leading use case for purchasing crypto is savings, with 59% of respondents saying they would use it to save for the future.
- Interest in crypto in the U.S. is strong: Americans have a 200% YoY increase in plans to buy or sell crypto in the next six months.
- The diversity of crypto investments has increased by 30% from 2021: About half of cryptocurrency holders own between two and five different types of cryptocurrency, and the percentage who own six or more cryptocurrencies has increased from 24% in 2021 to 31% in 2022.
- NFTs are well-understood: 40% of respondents knew the answer to “what is an NFT,” and another 22% at least understood the non-fungible part of the abbreviation.
The findings are based on a survey conducted in October 2022. The quiz consisted of 30 questions, assessing knowledge in cryptocurrency, bitcoin, De-Fi, blockchain, mining, types of wallets, NFTs and general sentiment towards digital currencies.
The survey was completed to a population of 1,000 people in the U.S. balanced across age, gender and income.
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