Crypto Education Gains Traction During Financial Capability Month
April is recognized as National Financial Capability Month in the U.S. to highlight financial education across the country. And while initiatives have been taking place to educate Americans about the traditional finance sector, opportunities around crypto education are also being presented this month.
Crypto Education Becomes Important In The U.S.
A recent study from Security.org found that the rate of crypto ownership in the U.S. grew by 10% last year. According to the study, 93 million people hold one or more cryptocurrencies.
The upcoming Bitcoin Halving event has also sparked increasing interest in Bitcoin (BTC).
Given the rising popularity of digital assets in the U.S., industry experts believe that education about cryptocurrency has become increasingly necessary.
Bitcoin Educational Initiatives In The U.S.
Kendra Cole, Co-founder and CEO of Sparrow Finance, told Cryptonews that the recent approval of Spot Bitcoin ETFs in the U.S. has pushed digital assets to the mainstream.
Cole believes that individuals—particularly women and children—must be presented with better educational opportunities regarding Bitcoin adoption.
“The impetus for women to get involved in Bitcoin now is to build stronger bonds through shared experiences and interests,” said Cole. “We know that women are oftentimes the chief financial officers of the home, making the majority of the financial and gifting decisions. Sparrow Finance aims to provide the tools to do this through Bitcoin education.”
During Financial Capability Month, Cole shared that Sparrow Finance participated in Chicago’s Ultimate Baby Shower. This was a community-wide event for parents to discuss financial education.
“During this gathering, we met with new parents to provide information about how women can get involved with digital assets,” she said. “We also discussed ways for women to leverage Bitcoin to build connections with loved ones.”
Cryptocurrency exchange Coinbase is also focused on crypto education this month. A Coinbase spokesperson told Cryptonews that 87% of Americans want to update the financial system.
“The top drivers of this discontent are frustration over fees and speed,” the spokesperson noted. “The current system costs regular Americans too much, takes too long, and gets you less for your money over time.”
In order to shed light on this, Coinbase released a commercial this week explaining the Bitcoin halving event to the masses.
“The spot will air on major U.S. channels, including TNT, ESPN, and ABC during the NBA Playoff games,” the spokesperson said. “The commercial will run from April 17 through April 22.”
Food for thought:
What if money was designed to get you more over time, not less?#Bitcoin pic.twitter.com/z8eHF8JltQ— Coinbase 🛡️ (@coinbase) April 15, 2024
Coinbase believes that this advertisement sends viewers an important educational message.
“This April, the rate of new Bitcoins created will be cut in half—just like it has been every four years or so since it was created in 2009,” the spokesperson explained. “This halving ensures its supply remains finite over time (similar to gold).”
Coinbase added that the company’s marketing philosophy seeks to meet audiences where they are “in a tech-forward way.” “All of our campaigns have both online and offline components, and we invite the audience to participate,” the spokesperson said.
BlackRock, the San Francisco-based asset management giant with over $10.5 trillion in assets under management, also recently released an educational series covering Bitcoin.
A series of four short videos focused on different Bitcoin topics are available on Blackrock’s official website. Bitcoin ETFs, the halving event, security, and Bitcoin adoption are all discussed in easy-to-understand language.
For example, Blackrock’s educational video on the Bitcoin halving notes, “To ensure no more than 21 million coins enter circulation, every four years there is what is known as a halving event, where the amount of bitcoin issued to miners for completing each block is cut in half.”
Crypto Education Increases Across The World
While crypto education is becoming increasingly important in the U.S., a number of initiatives are being launched throughout the world as well.
For example, cryptocurrency exchange Bitget recently announced that it will allocate up to $10 million to the corporate social responsibility Blockchain4Youth project.
Gracy Chen, Managing Director of Bitget, told Cryptonews that the purpose of this undertaking is to support young talent while establishing a blockchain-friendly educational environment.
“Since the launch of Blockchain4Youth in May 2023, the program has been hosting campus roadshows around the world to educate global youth about blockchain knowledge,” said Chen. “This month, Bitget hosted a Blockchain4Youth event at Ton Duc Thang University in Ho Chi Minh City as part of the HUB FORUM 2024 event, gathering over 1,000 students from various universities in Ho Chi Minh City.”
Chen pointed out that hosting events like Blockchain4Youth has become a necessity, noting that a recent Bitget study found that Millennials and GenZ’s are likely to become the main drivers of crypto adoption.
Chen added that Bitget has other educational crypto events planned in the Philippines and Japan later this month as well.
“Cryptocurrencies have the potential to provide financial access to people who are underserved or excluded by traditional banking systems,” she said. “Education can help bridge the gap by teaching people how to use cryptocurrencies and access financial services in a decentralized manner.”
Stablecoin issuer Tether also recently established an educational initiative in the Middle East.
The USDT issuer partnered with digital asset infrastructure provider Fuze to create digital asset awareness for businesses and individuals across Turkey, the Middle East, and North Africa.
Tether and Fuze Forge Strategic Collaboration to Elevate Digital Asset Education in Turkey and the Middle Easthttps://t.co/QafmslCcke
— Tether (@Tether_to) April 15, 2024
Tether and Fuze will develop programs and workshops to enhance awareness and understanding of cryptocurrency and blockchain technology among local financial institutions.
Crypto Education Remains Challenging
While it’s notable that crypto education is becoming prioritized, challenges associated with digital assets may create barriers.
For instance, Cole believes that the biggest challenge involved with digital asset education is overcoming the knowledge and confidence gap.
“This gap disproportionately affects women, who juggle multifaceted responsibilities —like their career, family, and finances —all while navigating the complexities of digital assets,” she said. “Amidst all of this, finding time to delve into digital asset education can seem daunting.”
To overcome these obstacles, Cole views the power of community and in-person events as ways to help women and families understand cryptocurrency.
While this may be the case, Chen believes the crypto industry’s fast-paced nature is problematic for most individuals.
“The cryptocurrency industry may see new innovations emerge every month, week, or even daily,” she said. “Only learners with a high level of curiosity and initiative are able to keep up with the crypto industry’s pace effectively.”
Given this, Chen noted that individuals wanting to learn about digital assets shouldn’t rely solely on articles, videos, books, or the internet to grasp the industry fully.
