98% of Survey Respondents Can’t Pass a Basic Crypto Literacy Assessment

CryptoLiteracy.org Launches First Annual Crypto Literacy Month and Inaugural Literacy Benchmark Comparing Crypto Knowledge and Attitudes in U.S., Brazil and Mexico

Seattle, Washington, UNITED STATES

Seattle, Nov. 01, 2021 (GLOBE NEWSWIRE) -- CryptoLiteracy.org, an industry initiative promoting broad consumer education of digital currencies, today 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.”

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. Additionally, insights from the annual survey will be available on the website with a downloadable report of the findings at cryptoliteracy.org/2021report.

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.).

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.

Take the Crypto Literacy Challenge
Consumers around the world 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.

Crypto Literacy Month November 2021 will also feature weekly course offerings from Crypto Explainer +, developed by CoinDesk. 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, CoinDesk and Digital Currency Group. 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 global survey of crypto awareness and educational curriculum curated by CoinDesk’s Crypto Explainer +. Download the report with the latest insights, take the quiz and learn more about cryptocurrencies by visiting https://www.CryptoLiteracy.org.

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