Most Americans Not Sure What ‘Bitcoin’ Means

September 28, 2018

Bitcoin is the financial term Americans understand least, as the Knowledge Academy claims basing on a poll among 1,135 US citizens to learn how they understand financial terms.

Americans have proven to be least confident in the meaning of the words “index fund” (49%), “asset allocation” (44%), “stock options” (43%), “endowment” (42%), “annuity” (41%), “capital gains and losses” (40%), “Roth IRA” (39%), “mutual fund” (39%), “liquidity” (37%), “amortization” (36%) and “premium” (36%).

Low Bitcoin awareness level is quite reasonable given Americans are not quite good in understanding financial terms in general.

The researchers have found out that “savings account” is the term the most of Americans are confident to know of - 88%. The second most clear term was “credit union” with 76% followed by “net worth” with 72%.

Joseph Scott, the Knowledge Academy member, said that lack of knowledge about financial terms undermines the capability of Americans to take sound decisions when managing estate, investments or savings.

However, another survey by YouGov Omnibus held late August has shown that 79% of Americans do know at least one cryptocurrency with Bitcoin (71% of awareness) at the top. The crushing majority of those aware of Bitcoin (87%) claimed they haven’t used it anyhow.

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