Recent research suggests that 96% of Americans and 99% of Mexicans are not familiar with cryptocurrencies. Of all those surveyed, only 17% knew about bitcoin in the U.S. and 15% in Brazil. Only 14% of Mexicans know of it. The report published by cryptoliteracy.org further explains that 9 out of 10 survey respondents did not know that Bitcoin’s supply is capped off at 21 million.
A Study shows that Crypto Knowledge is lacking in Brazil, Mexico and the US despite the Bull Run of 2021
Cryptoliteracy.org published a survey that found low comprehension in 2021 of crypto basics. To sample approximately 1000 people, the researchers used a Yougov questionnaire to determine their knowledge of cryptocurrency from each country. The survey consisted 17 questions on cryptocurrency, bitcoin and non-fungible tokens. One of the key findings in the survey notes that “ownership is the best teacher,” which meant that survey participants that owned a digital currency, were twice as likely to answer the 17-question quiz correctly.
According to cryptoliteracy.org, only 33% believed that it was possible today to buy crypto assets. Furthermore, the survey believes “crypto is failing its mission of financial inclusion.” Ownership tends to point to wealthy and highly educated users at this point in time, according to the survey’s results. Additionally, older generations are “left behind,” in regard to cryptocurrency comprehension, as 67% of U.S. ‘Baby Boomers’ had a “lack of crypto knowledge.”
A survey shows that younger people are more likely to spend cryptocurrencies than older generations, while those in the middle of their lives see them as investments.
Another key finding from the survey is that Brazilians as well as Mexicans are more likely than others to invest in crypto over the coming six months. According to the study, different use cases might exist depending on geography and age.
“25% of Brazilians and one-third of Mexican respondents would use crypto to pay for goods and services. Just 13% of American respondents advised they would do so,” the cryptoliteracy.org study highlights. This survey also adds:
50 percent of Americans stated that they plan to use cryptocurrency as a means of saving for the future. Crypto is three times more popular among younger generations than it is for payment.
Basic bitcoin knowledge about the protocol’s supply cap also lacks a great deal among the survey’s participants. “Bitcoin’s computer code-based issuance schedule is what makes it so unique and different from central banks controlled by politicians,” the study’s authors explain. However, 9 percent of respondents did not have a basic understanding of Bitcoin supply and demand concepts (e.g. the 21 million limit).
How do you feel about the State of Crypto Literacy 2021 report? Comment below to let us know your thoughts on this topic.
Images CreditsShutterstock. Pixabay. Wiki Commons. Cryptoliteracy.org
DisclaimerThis article serves informational purposes. This article is not intended to be a solicitation or offer to sell or buy any product, service, or company. Bitcoin.com doesn’t offer investment, tax or legal advice. This article does not contain any information, products, or advice that can be used to cause or alleged result in any kind of damage.