{"id":52083,"date":"2024-11-27T02:00:00","date_gmt":"2024-11-27T02:00:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/crypto-literacy-dangerously-low-report"},"modified":"2024-11-27T03:57:25","modified_gmt":"2024-11-27T03:57:25","slug":"crypto-literacy-at-dangerously-low-levels-new-report-warns","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=52083","title":{"rendered":"Crypto literacy at \u2018dangerously low\u2019 levels, new report warns"},"content":{"rendered":"

As Bitcoin trades near new highs, the level of financial literacy in the cryptocurrency community still leaves much to be desired, according to a new report.<\/p>\n

The crypto community\u2019s financial literacy rate is estimated at 25%, lagging well behind the financial literacy average in the United States by half, according to a new study by the crypto gaming startup PiP World.<\/p>\n

Released on Nov. 26, the report analyzed a survey of 12,045 anonymous responses from crypto market participants submitted from March 2022 to October 2024 through the platform Coinfessions.<\/p>\n

In the report, PiP World measured crypto financial literacy \u2014 an individual\u2019s understanding and ability to make informed financial decisions \u2014 in percentages, referring to scores in \u201chigh\u201d and \u201cmedium\u201d levels of financial literacy.<\/p>\n

Financial literacy in the crypto space is \u201cdangerously low\u201d<\/h2>\n

While the crypto community\u2019s financial literacy rate is only down 8% from the global financial literacy average, such a rate is \u201cdangerously low,\u201d according to PiP World CEO Saad Naja.<\/p>\n

\u201cThe findings of this report highlight an urgent and undeniable truth \u2014 financial literacy in the crypto space is dangerously low,\u201d Naja said.<\/p>\n

He added that too many traders are \u201cnavigating blind\u201d in a rapidly evolving market, lacking the \u201cfoundational knowledge needed to succeed.\u201d<\/p>\n

\"Cryptocurrencies,
Crypto financial literacy rate versus regional financial literacy rates of adults in 2024. Source: PiP World<\/em><\/p>\n<\/figcaption><\/figure>\n

The study mentions that the emotional strain weighs heavily on the crypto community, which often self-confesses to being \u201creactive, impulsive and neurotic.\u201d<\/p>\n

Related: <\/strong><\/em>Coin Center warns US policies could scare away crypto investors despite Trump win<\/strong><\/em><\/p>\n

The study also suggests that seven out of 10 crypto investors highlighted losses, while 76% of respondents expressed regret about their investment decisions.<\/p>\n

Whales and hodlers are among the most financially literate investors<\/h2>\n

According to the study, whales \u2014 large crypto investors accounting for 5% of the crypto segment mix \u2014 have demonstrated one of the highest crypto financial literacy rates of 96%.<\/p>\n

Hodlers, or long-term cryptocurrency holders \u2014 estimated to account for 11% of the mix \u2014 are also associated with a significant financial literacy rate of 80%, the study suggests.<\/p>\n

\"Cryptocurrencies,
Financial literacy rates by crypto community segments. Source: PiP World\/Coinfessions<\/em><\/p>\n<\/figcaption><\/figure>\n

The report claims that speculative traders, which PiP World says to be the largest crypto investor segment with a 29% share, have a financial literacy of 64%.<\/p>\n

On the other hand, day traders \u2014 those representing 6% of crypto investors in the report \u2014 have the lowest financial literacy rate, estimated at 27%. Pump and dumpers, which are estimated to account for a significant 18% share of crypto investors, are associated with a financial literacy rate of 45%.<\/p>\n

Magazine: <\/strong><\/em>Bitcoin\u2019s $100K push wakes taxman, Vitalik visits real Moo Deng: Asia Express<\/strong><\/em><\/p>\n

Check other news for today<\/span> and Please stand by..<\/p>\n

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\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

As Bitcoin trades near new highs, the level of financial literacy in the cryptocurrency community still leaves much to be desired, according to a new report. 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