Approximately 60% of U.S. cryptocurrency investors admit they do not understand blockchain technology, according to a recent survey conducted by language-learning company Preply.
The survey, which included responses from 1,001 people living in the U.S., examined participants’ knowledge, interest, and experience with cryptocurrency.
The findings revealed that three in five investors were unclear about the blockchain, a distributed database or ledger shared among a computer network’s nodes.
Additionally, 35% of respondents who identified as crypto investors expressed a lack of confidence in their understanding of cryptocurrency.
Preply’s survey also analyzed Google search volumes for 29 crypto-related terms over the past 12 months across all 50 states and 181 of the largest U.S. cities.
The most frequently searched terms were DAO (Decentralised Autonomous Organisation), DEX (Decentralised Exchange), and ICO (Initial Coin Offering).
The data indicated a greater curiosity about crypto acronyms and abbreviations compared to full words and phrases.
Florida, Washington, and California emerged as the states with the highest number of searches for cryptocurrency terms. Among cities, Orlando, FL; Miami, FL; and Atlanta, GA topped the list for crypto-related search activity.
The survey also highlighted that 54% of respondents who had not yet invested in cryptocurrency were interested in learning more about it.
Gen X showed the most interest among non-investors, with 53% eager to gain more knowledge about the digital currency market.
In terms of demographic insights, 40% of Gen Z crypto investors reported a lack of confidence in their cryptocurrency knowledge.
Interest in related areas such as NFTs and the metaverse was also noted, with 11% of respondents expressing a desire to invest in NFTs and 32% showing interest in joining the metaverse.
The survey underscores a significant knowledge gap among U.S. cryptocurrency investors, indicating a need for enhanced education and resources to help individuals better understand the foundational technologies driving the crypto market.
