Over Half of Crypto Investors Lack Understanding of Blockchain Technology
A recent survey conducted by Preply has revealed that a significant majority of cryptocurrency investors in the United States, approximately 60%, do not possess a clear understanding of blockchain technology. The study further found that Generation Z, despite expressing interest in learning about cryptocurrency, displayed the lowest inclination towards acquiring knowledge in this area. Interestingly, the report also indicated that individuals who invested in non-fungible tokens (NFTs) were more likely to invest in cryptocurrency as well.
The Preply study unveiled that almost 40% of Generation Z crypto investors surveyed in the United States lacked confidence in their grasp of cryptocurrency knowledge. This lack of confidence was even more pronounced among millennials (35%) and Generation X (32%). Surprisingly, the research also highlighted that 60% of crypto investors in the United States were unfamiliar with the concept of blockchain.
However, the data suggested that 27% of individuals who had never invested in crypto expressed a keen interest in taking classes to expand their understanding of the subject matter. When broken down by gender, the study found that 54% of men and 53% of women surveyed were interested in further education.
In terms of generational interest, Generation X displayed the highest proportion (57%) of individuals who desired to learn more about cryptocurrency. On the other hand, Generation Z exhibited the lowest proportion of individuals willing to explore this domain, with only 41% expressing interest in learning about crypto.
Baby Boomers Display Minimal Interest in NFTs
The study also revealed that interest in digital assets beyond cryptocurrency varied among different age groups. For instance, 12% of millennials surveyed reported having invested in non-fungible tokens (NFTs) at some point, while merely 4% of Baby Boomers had done the same.
Regarding the findings related to crypto investors' interest in NFTs and the metaverse, the survey report stated, "Only 42% of survey respondents expressed confidence in their understanding of NFTs and the metaverse. This indicates an opportunity to educate people about these topics! It could also explain why a mere 11% were excited about investing in NFTs, while a significantly larger 32% were curious about joining the metaverse."
However, the report also noted that U.S. residents who had invested in NFTs also tended to invest in cryptocurrency, suggesting that this might serve as an initial step towards exploring other digital assets.
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