Study: 60% of US Crypto Investors Don’t Understand Blockchain

According to a recent survey by Preply, as many as three in five, or 60%, of U.S. cryptocurrency investors do not understand blockchain technology. The study found that Generation Z, despite 41% expressing interest in learning about cryptocurrency, had the smallest percentage of individuals willing to learn. The report also noted that U.S. residents who invested in non-fungible tokens (NFTs) were likely to invest in cryptocurrency as well.

More Than Half of Crypto Investors Don’t Understand Blockchain

According to findings from a Preply study, approximately 40% of surveyed Gen Z crypto investors in the U.S. lacked confidence in their knowledge of cryptocurrency. This lack of confidence was even more pronounced among millennials (35%) and Gen X (32%). The study also revealed that 60% of U.S. crypto investors “don’t know what blockchain is.”

Despite this, the data showed that 27% of those who have never invested in crypto expressed interest in taking classes to learn more. When broken down by gender, the study found that 54% of surveyed men and 53% of women were interested in learning more.

In terms of generational interest, Gen X had the highest proportion (57%) of individuals wanting to learn more. Gen Z, with 41% expressing interest in learning about crypto, had the lowest proportion of individuals willing to learn.

Baby Boomers Show Least Interest in NFTs

The study also discovered that interest in digital assets other than crypto varied across generations. For example, 12% of surveyed millennials reported having invested in non-fungible tokens (NFTs) at some point, compared to just 4% of Baby Boomers.

Commenting on 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 noted that U.S. residents who had invested in NFTs also tended to invest in crypto, suggesting that this might be a first step towards exploring other digital assets.

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