On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
A recent study suggests that 99% of people from Mexico and Brazil and 96% of Americans fail to grasp the basic concepts of cryptocurrencies. Out of all the survey respondents aware of bitcoin, 17% in the U.S., 15% in Brazil, and 14% in Mexico own the crypto asset. The report published by cryptoliteracy.org further explains that 9 out of 10 survey respondents did not know that Bitcoin’s supply is capped off at 21 million.
Despite the Bull Run in 2021, Study Shows Crypto Knowledge Is Lacking in the US, Mexico, Brazil
According to a study published by cryptoliteracy.org comprehension of cryptocurrency fundamentals is low in 2021. The researchers leveraged a Yougov survey to sample roughly 1,000 participants who are aware of cryptocurrencies from each country. The study consisted of 17 questions pertaining to cryptocurrency, bitcoin, decentralized finance (defi), non-fungible tokens (NFTs), and general sentiment. One of the key findings in the survey notes that “ownership is the best teacher,” which meant that survey participants that owned a digital currency, were twice as likely to answer the 17-question quiz correctly.
The cryptoliteracy.org report explains that only 33% of the respondents thought that purchasing crypto assets was easy today. Furthermore, the survey believes “crypto is failing its mission of financial inclusion.” Ownership tends to point to wealthy and highly educated users at this point in time, according to the survey’s results. Additionally, older generations are “left behind,” in regard to cryptocurrency comprehension, as 67% of U.S. ‘Baby Boomers’ had a “lack of crypto knowledge.”
Survey Shows Youth More Likely to Spend Cryptocurrencies, While Older Generations See Them as an Investment
Other key findings from the survey say that Mexicans and Brazilians are more likely to buy and sell crypto in the next six months. Meanwhile, use cases can vary by geography and generation, the study details.
“25% of Brazilians and one-third of Mexican respondents would use crypto to pay for goods and services. Just 13% of American respondents advised they would do so,” the cryptoliteracy.org study highlights. The survey adds:
50% of Americans advised they would utilize crypto as a way to save for the future. Younger generations are nearly three times more likely to use crypto as a means of payment than older generations who see it more as an investment.
Basic bitcoin knowledge about the protocol’s supply cap also lacks a great deal among the survey’s participants. “Bitcoin’s computer code-based issuance schedule is what makes it so unique and different from central banks controlled by politicians,” the study’s authors explain. Yet 9 out of 10 survey respondents lacked understanding of the basic concepts of bitcoin supply and demand (like the capped supply of 21 million).
What do you think about the 2021 State of Crypto Literacy report? Let us know what you think about this subject in the comments section below.
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