Survey: 60% of US crypto investors don’t understand blockchain technology

About 60% of US cryptocurrency investors say they don’t understand blockchain technology, according to a recent survey.

Language-learning company Preply surveyed 1,001 people living in the US about their knowledge, interest, and experience with cryptocurrency, finding that three in five respondent investors were unclear about the blockchain, the distributed database or ledger shared among a computer network’s nodes.

The survey found that 35% of crypto investors who responded were not confident in their knowledge of crypto.

It also looked at the Google search volume of 29 crypto-related terms over the past 12 months in all 50 states and 181 of the US biggest cities.

The top-searched terms were DAO (Decentralised Autonomous Organisation), DEX (Decentralised Exchange), and ICO (Initial Coin Offering), and there was a stronger curiosity about crypto acronyms and abbreviations than full words and phrases.

Florida, Washington, and California were the states with the most people searching for cryptocurrency words and phrases.

Of respondents who had not invested in crypto, 54% said they were interested in learning more.