In a recent basic cryptocurrency quiz of 1000 people from the US, Mexico, and Brazil, 98% failed (passing grade: 60%). Surprisingly, 9 out of 10 who answered the survey didn’t know the maximum supply of Bitcoin.
Shocking? Think you can do better?
Take the quiz here (not an affiliate link), and let me know in the comments below if you passed (>60%)! Let me know which question you couldn’t answer correctly. Better yet, share the link with a friend. [Full survey report here.]
I’m not going to discuss the survey methodology here. What’s more important is that even though cryptocurrencies have been around for more than a decade, the survey shows that cryptocurrency literacy is still lacking in the general public.
Why is this important?
So What?
Very smart people have been saying for a long time that Bitcoin is a scam or massive Ponzi scheme:
The scam called Bitcoin (dailyherald.com)Bitcoin author Jeffrey Robinson argues it’s a scam | FortuneBitcoin is basically a Ponzi scheme | The Seattle Times‘Black Swan’ author Nassim Taleb says bitcoin is an open Ponzi scheme and a failed currency (businessinsider.com)Bitcoin is the greatest scam in history — Vox
The list is pretty much endless, so I won’t go into detail. Are these people right? I think you need to decide for yourself.
The problem as I see it — most people don’t even know much about Bitcoin, or cryptocurrency more generally, to make an informed decision.
Meanwhile, Banks Are Getting In on the Action
For a very long time, Jamie Dimon — CEO of JP Morgan Chase — called Bitcoin worthless for a long time. He still does. Ironically, JP Morgan Chase is offering its clients access to crypto…