2024 Crypto Literacy Survey: Knowledge Drives Confidence in a Rapidly Evolving Market

The 2024 study brings to light significant advancements in public awareness and a noticeable shift from speculative investments to practical, everyday use of cryptocurrency

SEATTLE, Dec. 17, 2024 /PRNewswire/ -- CryptoLiteracy.org, an industry initiative promoting broad consumer education about cryptocurrencies, announced its 2024 State of Crypto Literacy Survey results. The survey underscores the crucial role of knowledge in empowering responsible participation in the digital economy. It found that 98.6% of respondents who self-reported a 'great deal' of knowledge owned cryptocurrency, compared to 32% with limited understanding. The study also found a growing comfort in digital assets as a legitimate investment class and a sharp increase in respondents with advanced knowledge about cryptocurrency compared to the 2022 Crypto Literacy Survey.

"Cryptocurrency is entering a pivotal phase where broader public understanding can unlock its full potential as both a financial tool and a mainstream investment," said Neil Bergquist, CEO of Coinme. "The survey shows how knowledge drives confidence, but it also reveals persistent gaps that the industry must address to ensure equitable access and safe adoption."

This year's report also comes as global markets react to the 2024 presidential election, with the incoming administration signaling a favorable stance towards crypto. Other key findings include:

• Knowledge breeds confidence in crypto participation: Respondents with advanced knowledge are three times more likely to own cryptocurrency than those with limited understanding. 31.8% of respondents reported knowing "a great deal" about cryptocurrency, a sharp increase from 11.0% in 2022.
• Americans adopt crypto for everyday finance: 29% of respondents consider cryptocurrency part of their long-term retirement strategy, highlighting its transition from a speculative asset to a financial planning tool. 22% use cryptocurrency for everyday transactions, including online purchases and remittances, signaling growing utility in daily life.
• Americans demand crypto as a policy priority: 59% of respondents identified regulatory clarity as the most critical crypto issue for the next presidential administration. This strong demand underscores the urgent need for clear and comprehensive regulations in the crypto space.
• Shifts in risk perception reflect a mature market: The percentage of respondents viewing cryptocurrency as "extremely risky" dropped from 43.1% in 2022 to 35.2% in 2024. More respondents now see crypto as "somewhat risky" or "neutral," indicating growing comfort with digital assets as a legitimate investment class.
• Barriers to broader adoption persist: 26.6% of respondents need to understand what gives a cryptocurrency value, indicating it only relies on distribution instead of market demand and utility.
• Knowledge of advanced topics like DeFi and staking remains limited: Only 22% correctly identified a private key as the critical tool for managing cryptocurrency. Only 14% understand DeFi's functionality, and 9% know staking's role in blockchain ecosystems.

"Overall, the survey emphasizes that knowledge is a crucial enabler of trust and adoption of crypto. The crypto industry can benefit from enhancing crypto literacy to enable broad understanding and adoption of digital assets," adds Bergquist. "With more support than ever in the White House and Congress, this coming year presents a unique opportunity for crypto to cross the chasm and become utilized as a generally accepted store-of-value and mechanism for payments in addition to further adoption for several unique blockchain and DeFi use cases."

The Crypto Literacy Survey is an annual initiative assessing knowledge across cryptocurrency, blockchain, DeFi, NFTs, and digital finance. Conducted in October 2024 with 670 U.S. respondents balanced across age, gender, and income, the survey provides actionable insights to guide education and policy initiatives.

To learn more about CryptoLiteracy.org, please visit http://CryptoLiteracy.org.

About CryptoLiteracy.org
CryptoLiteracy.org is an industry initiative led by Coinme that promotes broad consumer education of digital currencies. 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. To learn more about cryptocurrency and take the quiz to test your knowledge, visit https://www.CryptoLiteracy.org.

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About Coinme, Inc.
Coinme® is a leading US-regulated cryptocurrency exchange founded in 2014 with the mission to be the world's trusted gateway to digital currencies and a better financial future. Coinme powers the largest cash exchange in the world, with over 40,000 physical locations to instantly cash in and out of crypto. In addition, the company's Crypto-as-a-Service (CaaS) offering provides an enterprise-grade API that "crypto-enables" digital and physical financial infrastructure. With a vertically integrated suite of consumer products, Coinme delivers a simple, trusted, instant, and affordable way to buy, sell, store, and manage crypto. For more information, visit www.coinme.com.

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SOURCE Coinme