CryptoLiteracy.org, an industry initiative promoting broad consumer education of digital currencies, announced its launch, led by a coalition of major players, including Coinme, CoinDesk and Digital Currency Group. The organization also unveiled the results of the inaugural Crypto Literacy survey – powered by YouGov – which found 96% of American and 99% of Brazilian and Mexican crypto or bitcoin-aware internet users are unable to pass a quiz assessing basic cryptocurrency facts. November 2021 will be the first annual Crypto Literacy Month to bridge this educational gap, encouraging basic knowledge of cryptocurrencies for consumers to make educated decisions and transact safely.
“Our industry needs to do more to improve crypto literacy throughout the world. By doing so, we can help people improve their lives by understanding how to utilize cryptocurrencies,” said Neil Bergquist, CEO and co-founder of Coinme. “As a champion of equal and simple access to digital currencies, Coinme is proud to lead this effort in collaboration with key industry partners.”
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CryptoLiteracy.org hosts a quiz for people worldwide to test their crypto comprehension and identify where they need to improve upon their knowledge with coursework curated by CoinDesk.
Key Crypto Literacy Survey Findings
The quiz consisted of 17 questions, assessing knowledge in cryptocurrency, bitcoin, De-Fi, blockchain, mining, types of wallets, NFTs and general sentiment towards digital currencies. The survey was pulsed by YouGov to a population of 1,000 cryptocurrency or bitcoin-aware internet users in each country, balanced across age, gender, and education level (and race/ethnicity in the U.S.).
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As the quiz pass rate shows, a significant knowledge gap exists in America, Brazil and Mexico. In the U.S., four in 10 respondents were unable to answer over half of the questions, choosing “don’t know” instead. However, Americans performed better than Brazilians, with three in 10 answering about a third of quiz questions correctly. Overall, there are similar adoption rates across countries (14% in Mexico, 15% in Brazil, 17% in the U.S.).
“There is a real need for approachable crypto education that everyone can grasp regardless of income, gender, race or educational status. Crypto Literacy Month is an important initiative, and we’ve specifically curated content tailored to those with beginner, intermediate or expert knowledge,” said Ollie Leech, Learn Editor at CoinDesk.
Key insights from the survey include:
- Crypto is failing its mission of financial inclusion. On average, cryptocurrency owners, including bitcoin owners, in the three countries are younger, wealthier and more male than the overall population. Although the vision of crypto and bitcoin is to create greater economic inclusion, the results show adoption is not equalized.
- Ownership is the best teacher. In the U.S., Mexico, and Brazil, owning cryptocurrency is associated with higher performance on a test of cryptocurrency literacy.
- Comprehension of bitcoin fundamentals is low. Nine out of ten survey respondents lacked knowledge that bitcoin’s supply was limited to 21 million. Additionally, only four out of ten respondents had a clear understanding of what determines its price.
- Crypto’s use case varies by geography and generation. 25% of Brazilians and one-third of Mexican respondents would use crypto to pay for goods and services. However, 50% of Americans reported they would utilize crypto to save for the future. Younger generations in the U.S. are nearly three times more likely to use crypto as a means for payments than older generations who see it as more of an investment.
- Mexico and Brazil lead with intent to buy or sell crypto. 30% of Brazilians and 28% of Mexicans advised they intend to purchase or sell cryptocurrencies in the next six months, versus 12% of Americans.
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