Despite widespread crypto ownership, a Preply study revealed that over 60% of US crypto investors lack basic blockchain understanding.
States like Florida and cities like Miami show strong crypto interest, yet the knowledge among investors remains low.
Investors are curious about terms like DAO, DEX, and the metaverse, with metaverse interest beating NFTs.
Gen Z investors are generally more uncertain
The report shows a need for better and more accessible resources to help bridge the crypto knowledge gap for new investors.
Crypto has come a long way so far, from being something only a few people knew about, to cryptos like Bitcoin, Ethereum and several memecoins becoming household names.
Gone are the days when the average person knew virtually nothing about crypto—or are they?
According to the results of a recent study conducted by the online learning platform Preply, people are mostly still as "in the dark" as they were a decade ago when it comes to topics like crypto, NFTs and the metaverse.
In fact, more than half of people who own/hold crypto in the US have little to no idea about the basics of blockchain technology.
The report from Preply identified several states in the US, where interest in crypto is particularly high.
Some of these states include Florida, California and Washington.
Others like Atlanta, Orlando and Miami despite being slightly behind the first three, are significantly curious.
The same is true for even smaller states like Laramie, Wyoming and Birmingham.
However, despite this level of interest among residents of these states, there is still a stark gap in knowledge across the average crypto investor.
The report mentioned that only 35% of investors admitted that they aren’t so confident in their knowledge—however, a staggering 60% (3 out of 5 people) have little to no knowledge of what a blockchain is.
The crypto community basically has its own language, developed over time with slang like HODL, DYOR, FOMO, etc.
The study from Preply shows that some of the most searched crypto terms include concepts like DAOs (or Decentralized Autonomous Organization), DEX (or Decentralized Exchange), and ICO (Initial Coin Offering).
Moreover, the study also highlights a correlation between crypto investment and interest in NFTs and the metaverse.
In essence, crypto investors are generally more interested in NFTs and metaverse technology.
Preply highlights too, that interest in the metaverse is higher, for some reason than interest in NFTs, with only 11% of respondents interested in investing in NFTs—compared to 32%, who are curious about exploring the metaverse.
However, despite this wave of interest in crypto lingo, Preply also highlights that there is a wide gap in knowledge and confidence among investors—which is alarming, considering how risky crypto can be sometimes.
Data showing eagerness to learn
Preply says that Gen Z investors, despite being born into the digital age, have a great deal of uncertainty about their knowledge, with 40% of Gen Z participants being uncertain about their crypto knowledge.
However, despite this uncertainty, there was a marked eagerness to learn despite the lack of confidence to pursue this knowledge.
On the flipside, Gen X investors are generally more interested and certain when it comes to learning about crypto.
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More gender and age demographics
Preply highlights too, that millennials are overall the most confident in their crypto knowledge, with men showing more confidence than women.
However, in general, regardless of gender or age, there is still a need for newer, better and more informative resources to help newcomers learn.
To conclude things, while the statistics in the Preply report are entertaining to read through, they still highlight the need to bridge the wide knowledge gaps with accessible resources.
Especially now that crypto has become ever more popular with each passing day.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.