Americans are called “tech-savvy” yet when it comes to crypto, they may be the initial adopters, but still the majority of Americans find it difficult to grasp the concept of digital currencies, which has once again been proved in a recent survey. The survey findings suggest that approximately 96% of Americans do not understand the very basic idea and concept of digital currencies. Only 17% of surveyed Americans knew about Bitcoin while the majority had no clue what Bitcoin is.
This is the 21st century and it is assumed that everyone is aware of the latest technologies emerging into the world. One such technology is the invention of “cryptocurrencies” and “blockchain”. Since cryptocurrency is in the world since 2009, it is assumed that every adult would be aware of them. It may be true that the world is aware of cryptocurrencies, however, whether they understand cryptocurrencies’ concept is a separate question.
For Americans however, the concept of cryptocurrencies is not just a question but an issue as well. A survey was conducted recently in which the aim was to see whether the American population is aware of the concept or not. The survey was in fact expanded to include countries such as Brazil and Mexico as well.
The survey was published by an online entity called “cryptoliteracy.org”. The surveyor wanted to know the percentage of people in America, in 2021, who do understand the concept of cryptocurrencies. But the findings were such which cryptoliteracy.org wasn’t expecting from the US. In fact, it was hoping that most of the Americans would outsmart every other nation on earth in terms of cryptocurrencies. The results were however to the contrary.
The analysis of the respondents was based on the sample belonging to Yougov, which had 17 questions in total. However, Cryptoliteracy.org decided that it will survey only those people who owned cryptocurrencies. This was done on the assumption that crypto owners would be in a better position to give proper answers. These 17 questions included know-how regarding Bitcoin, NFTs, digital currencies, stablecoins, and DeFi.
Report of cryptoliteracy.org notes that there were only 33% amongst the respondents who believed that buying crypto is easy nowadays. The report also suggested that most of the respondents suggested that cryptocurrencies’ inclusion in the mainstream financials is becoming more difficult. In addition, the majority believed that crypto investment is now for the rich and elite only. There are hardly any mediocre left in the crypto industry.
What was surprising though was that 96% of American respondents were found to be entirely “illiterate” about the crypto concept. Old-age Americans were completely unaware of what Bitcoin is. While the Baby Boomers, which consisted of 67%, showed a complete lack of know-how about cryptocurrencies.
As compared to Americans, the survey results with regard to Brazil and Mexico were slightly better. There were more people than Americans in the two countries who did understand the whole concept of digital currencies.
