According to the Crypto Literacy Survey, 96% of Americans, as well as 99% of Brazilians and Mexicans, do not understand how cryptocurrencies, non-fungible tokens and decentralized finance work.
How
informs Nasdaq, the survey was conducted by analytical firm YouGov with the support of crypto ATM operator Coinme, cryptocurrency publication Coindesk, Pantera and Digital Currency Group. V
initiative the study of cryptocurrency literacy was attended by 1000 users from the USA, Brazil and Mexico. Almost all of the users who took part in the survey were unable to correctly answer 17 questions about cryptocurrencies, bitcoin, DeFi, NFT, cryptocurrency exchanges, blockchain, mining and types of wallets.
The results of the survey revealed a significant gap in the knowledge of cryptocurrencies among the respondents. It turned out that 4 out of 10 participants from the United States found it difficult to answer more than half of the questions, while giving correct answers to a third of the quiz questions. 9 out of 10 respondents did not know that the offer of bitcoin is limited to 21 million coins, and only 4 out of 10 survey participants clearly understood what its price might depend on.
About 25% of Brazilians and a third of Mexicans expressed their willingness to use cryptocurrencies to pay for goods and services, and 50% of Americans said they are ready to purchase digital assets for long-term storage. 30% of Brazilians and 28% of Mexican users plan to buy or sell cryptocurrencies in the next six months, while only 12% of the surveyed US citizens are ready for these actions.
“Initially, the study was planned to cover only the United States. However, given the proliferation of cryptocurrencies in Latin America, it was decided to investigate the Brazilian and Mexican market. More countries will be added over time. It would be interesting to include the citizens of El Salvador in the survey, since this country officially recognized bitcoin as legal tender in September. We are curious if this has contributed to a greater understanding of cryptocurrencies among El Salvador’s citizens, ”said Coinme CEO Neil Bergquist.
As far as Mexico is concerned, the results of the survey are not surprising, as its government has no interest in increasing the cryptocurrency literacy of the population. On the contrary, Mexican regulators warn the country’s financial institutions against working with cryptocurrencies, and in October the Mexican president said that the legalization of bitcoin was not included in the state’s plans.
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