With the soaring prices of cryptocurrencies and Bitcoin's mainstream adoption, more and more people are getting involved in crypto trading. However, many individuals' cryptocurrency knowledge still needs improvement (this is a rather blunt and cold fact).
A new report shows that as Bitcoin trading prices approach new highs, the financial literacy level of the cryptocurrency community remains unsatisfactory.
According to a new study by crypto gaming startup PiP World, the financial literacy rate in the crypto community is estimated to be 25%, far behind the average level of financial literacy in the United States.
The study found that whales (large cryptocurrency investors who account for 5% of the crypto asset portfolio) have the highest financial literacy rate, reaching 96%.
It also showed that Hodlers or long-term cryptocurrency holders (estimated to account for 11% of the total cryptocurrency supply) have a financial literacy level of up to 80%.