CryptoLiteracy.org, an industry initiative promoting broad consumer education of digital currencies, today unveiled the results of the second annual Crypto Literacy Survey, which found an increase in crypto literacy as well as an increase in interest in education around cryptocurrencies. The survey was conducted for Crypto Literacy Month (November), an initiative led by Coinme with supporting partners, including CoinDesk and MoneyGram.
“Now more than ever, it’s vital we increase crypto literacy and help people understand the nuances of crypto, like how to self-custody and safely transact,” said Neil Bergquist, CEO and co-founder of Coinme.
“CryptoLiteracy.org was created to give consumers an educational guide to understanding risk and mitigating loss in a confusing environment. Although these results suggest that we still have work to do to improve crypto literacy, the results are also encouraging as consumers are becoming more interested in learning about crypto and, therefore, more crypto literate and likely to make the right decisions to improve their personal outcomes.”
Crypto Literacy Month provides educational content to educate consumers on cryptocurrency and blockchain technology hosted on CryptoLiteracy.org. The content touches on basic cryptocurrency concepts such as bitcoin, blockchain, how transactions work, NFTs/Web3, and more. In addition, people worldwide can test their crypto comprehension with coursework curated by CoinDesk. Insights from the annual survey are available at cryptoliteracy.org/2022report.
Key 2022 Crypto Literacy Survey Findings
The 2022 Crypto Literacy Survey found a significant crypto knowledge gap in the U.S., as 91% of respondents still need to receive a passing score on the quiz. However, when compared to the results from the 2021 survey, the average percentage of respondents answering “Don’t Know” to questions declined by 10%. Since the average rate of questions answered correctly has increased, it suggests that crypto-aware individuals have increased their knowledge of the subject over the past 12 months.
Additional key insights from the survey include:
- Crypto literacy is improving: The number of respondents who passed the literacy test (scoring 60% or higher) doubled in 2022 (9%) from 2021 (only 4%).
- Crypto ownership is increasing: Nearly one in three Americans now own crypto. In addition, Crypto ownership in the U.S. increased 88% YoY – from 17% in 2021 to 32% in 2022. The nearly double increase is promising for the outlook on crypto adoption in the U.S.
- Savings is the top crypto use case for Americans: The leading use case for purchasing crypto is savings, with 59% of respondents saying they would use it to save for the future.
- Interest in crypto in the U.S. is strong: Americans have a 200% YoY increase in plans to buy or sell crypto in the next six months.
- The diversity of crypto investments has increased by 30% from 2021: About half of cryptocurrency holders own between two and five different types of cryptocurrency, and the percentage who own six or more cryptocurrencies has increased from 24% in 2021 to 31% in 2022.
- NFTs are well-understood: 40% of respondents knew the answer to “what is an NFT,” and another 22% at least understood the non-fungible part of the abbreviation.
The survey was conducted in October 2022. The quiz consisted of 30 questions, assessing knowledge in cryptocurrency, bitcoin, De-Fi, blockchain, mining, types of wallets, NFTs and general sentiment towards digital currencies. The survey was pulsed to a population of 1,000 people in the U.S. balanced across age, gender and income.
Take the Crypto Literacy Challenge
Consumers worldwide are encouraged to benchmark their cryptocurrency literacy by taking the quiz at cryptoliteracy.org/quiz. Their scores will be privately emailed to them, along with tailored courses provided by CoinDesk to close any knowledge gap on key cryptocurrency concepts. To get started, visit CryptoLiteracy.org to take the quiz and challenge your friends.
CryptoLiteracy.org is an industry initiative promoting broad consumer education of digital currencies, led by Coinme with support from CoinDesk and MoneyGram International, Inc. The website is the home of the Crypto Literacy Quiz, where people can assess crypto knowledge, identify the gaps in their comprehension and challenge their family and friends’ awareness of digital currencies. The initiative is a part of the annual Crypto Literacy Month, held each November, featuring insights from a survey of crypto awareness and educational curriculum curated by CoinDesk Learn. Download the report with the latest insights, take the quiz and learn more about cryptocurrencies by visiting https://www.CryptoLiteracy.org.