CryptoLiteracy.org, an industry initiative enabling consumer education about cryptocurrencies supported by Coinme, announced its 2024 State of Crypto Literacy Survey results.
The survey underscores the “crucial” role of knowledge in empowering responsible participation in the digital economy.
It found that 98.6% of respondents who self-reported a ‘great deal’ of knowledge owned cryptocurrency, “compared to 32% with limited understanding.”
The study found a growing comfort in digital assets as a legitimate investment class and a sharp increase in respondents with advanced knowledge about cryptocurrency compared to the 2022 Crypto Literacy Survey.
Neil Bergquist, CEO of Coinme said:
“Cryptocurrency is entering a pivotal phase where broader public understanding can unlock its full potential as both a financial tool and a mainstream investment. The survey shows how knowledge drives confidence, but it also reveals persistent gaps that the industry must address to ensure equitable access and safe adoption.”
This year’s report comes as global markets react to the 2024 presidential election, with the “incoming administration signaling a favorable stance towards crypto. Other key findings include:”
Knowledge breeds confidence in crypto participation: Respondents with advanced knowledge are “three times more likely to own cryptocurrency than those with limited understanding.”
31.8% of respondents reported knowing “a great deal” about cryptocurrency, a sharp increase from 11.0% in 2022.
Americans adopt crypto for everyday finance: 29% of respondents consider cryptocurrency part of their “long-term retirement strategy, highlighting its transition from a speculative asset to a financial planning tool. 22% use cryptocurrency for everyday transactions, including online purchases and remittances, signaling growing utility in daily life.”
Americans demand crypto as a policy priority: 59% of respondents identified regulatory clarity “as the most critical crypto issue for the next presidential administration.” This strong demand reportedly underscores the urgent “need for clear and comprehensive regulations in the crypto space.”
Shifts in risk perception reflect a mature market: The percentage of respondents viewing cryptocurrency as “extremely risky” dropped from 43.1% in 2022 to 35.2% in 2024.
More respondents now see crypto as “somewhat risky” or “neutral,” indicating growing comfort with digital assets as a “legitimate” investment class.
Barriers to broader adoption persist: 26.6% of respondents need to understand what “gives a cryptocurrency value, indicating it only relies on distribution instead of market demand and utility.”
Knowledge of advanced topics like DeFi and staking remains limited: Only 22% correctly identified a private key “as the critical tool for managing cryptocurrency. Only 14% understand DeFi’s functionality, and 9% know staking’s role in blockchain ecosystems.”
Bergquist added:
“Overall, the survey emphasizes that knowledge is a crucial enabler of trust and adoption of crypto. The crypto industry can benefit from enhancing crypto literacy to enable broad understanding and adoption of digital assets. With more support than ever in the White House and Congress, this coming year presents a unique opportunity for crypto to cross the chasm and become utilized as a generally accepted store-of-value and mechanism for payments in addition to further adoption for several unique blockchain and DeFi use cases.”
As mentioned in the announcement, The Crypto Literacy Survey is an annual initiative assessing knowledge “across cryptocurrency, blockchain, DeFi, NFTs, and digital finance.”
Conducted in October 2024 with 670 U.S. respondents balanced across age, gender, and income, the survey provides “actionable insights to guide education and policy initiatives.”
As noted in the update, Coinme is a US-regulated cryptocurrency exchange founded in 2014 with the mission to be the “world’s trusted gateway to digital currencies and a better financial future.”
Coinme reportedly powers the largest cash exchange in the world, with “over 40,000 physical locations to instantly cash in and out of crypto.”
In addition, the company’s Crypto-as-a-Service (CaaS) offering provides an enterprise-grade API that “crypto-enables” digital and physical financial infrastructure.
With a vertically integrated suite of consumer products, Coinme delivers an instant, and “affordable way to buy, sell, store, and manage crypto.”