CryptoLiteracy.org Survey Shows 65% of Crypto-Aware Americans Influenced by Candidate's Crypto Policies in Presidential Voting

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Oct 31, 2024, 08:18 ET

Survey Shows Regulatory Clarity, Literacy Gaps, and Political Influence Are Driving the Future of Crypto

SEATTLE, Oct. 31, 2024 /PRNewswire/ -- CryptoLiteracy.org, an industry initiative promoting broad consumer education of cryptocurrencies, unveiled the results from its annual survey exploring the state of cryptocurrency engagement, sentiment and literacy. The survey showed that 65% of Americans prioritize a candidate's crypto policies when voting. The survey also found a significant increase in cryptocurrency awareness, with the percentage of respondents who reported knowing "a great deal" about crypto rising from 11.0% in 2022 to 31.8% in 2024.

The survey was conducted as part of the fourth annual Crypto Literacy Month, held each November. Coinme, a leading cryptocurrency exchange and infrastructure provider in the U.S., leads the educational initiative to promote digital asset literacy.

"These survey results make it clear every political candidate should offer a publicly available perspective on crypto and seek to bring regulatory support on a federal level," said Neil Bergquist, CEO and co-founder of Coinme. "Voters are looking for candidates who support crypto. Politicians can't ignore the data if they want to get elected."

Crypto Policy and Security Surface as Key Issue for Crypto-Aware Voters
As the digital asset landscape evolves, 59% of respondents identified regulatory clarity as the top priority for the next presidential administration, underscoring a public desire for transparent guidelines that could stabilize and further legitimize the market. Additionally, 49% of respondents support leveraging federal resources to build a bitcoin reserve, including crypto seized by the Department of Justice. This reflects a bold shift toward national engagement in the crypto economy and a desire for government adoption.

The Crypto Confidence Gap: Knowledge Drives Investment
Those who understand crypto more are most likely to use it, while others report needing more knowledge before participating in the market. Survey findings reveal that respondents with a higher self-reported understanding of crypto are far more likely to own digital assets, with 98.6% ownership among those claiming "a great deal" of knowledge than just 32% for those with "a little" knowledge. This substantial gap highlights the role of confidence as a key factor in crypto participation.

Misconceptions around crypto fundamentals appear to influence risk perceptions, with 35.2% viewing crypto as "extremely risky" in 2024, down from 43.1% in 2022. However, with significant knowledge gaps, respondents may misunderstand certain risks, with about 43% reporting that they view crypto investments as "somewhat risky." Younger and lower-income respondents, who stand to benefit from accessible financial opportunities, also report lower confidence in crypto knowledge, underscoring the need for targeted literacy programs to bridge this gap.

Despite Increased Awareness, Knowledge Lags
26.6% of respondents incorrectly believed that a cryptocurrency's value depends solely on "how it is distributed," while 23.1% thought all blockchain technology is "managed by a company," rather than being decentralized. Only 46.1% accurately identified blockchain as a decentralized ledger. Additionally, stablecoins remain misunderstood, with many respondents misidentifying their purpose. These insights call for dedicated educational programs about blockchain and digital assets to allow people to make secure and confident financial decisions.

Survey Methodology
CryptoLiteracy.org collected data from a study conducted in October 2024. The quiz, which consisted of 15 questions, assessed knowledge in cryptocurrency, bitcoin, De-Fi, blockchain, mining, types of wallets, and ETFs. The data was analyzed from randomized answers among 500 respondents located in the United States, within an audience balanced for age, income and gender. Only statistically significant insights are being highlighted from the study.

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, and CoinDesk will provide tailored courses to close any knowledge gaps on key cryptocurrency concepts. To start, visit CryptoLiteracy.org to take the quiz and challenge your friends.

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.

Join the conversation and follow CryptoLiteracy.org on Twitter, Facebook and Instagram.

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