Genesis Mining Study Shows Most Americans Don’t Understand the Dollar at all

Genesis Mining Study Shows Most Americans Don’t Understand the Dollar at all

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A new study sponsored by the cryptocurrency firm Genesis Mining is quite eye-opening into the financial world in that of Americans little knowledge on the United States dollar, or how the monetary system works at all.

The study looked to uncover just how well the average American can understand basic financial details in regards to the banking system, Federal Reserve, and the dollars in his or her wallet.

Not a clue

In 1971, Nixon officially scrapped the gold standard and ever since, the US dollar has been backed by “the full faith and credit” of the Government, something which many believe to not be enough support.

As reported by CCN:

“The study found that 29% of Americans falsely believe the US dollar is backed by gold. That hasn’t been true for decades, but at least it makes more sense than those who said that bonds (5%) or oil (4%) were backing the greenback. A further 7% responded “nothing,” while 23% admitted that they didn’t know, leaving a mere 30% of respondents stating the correct answer: the US government.”’

CEO of Genesis Group, Marco Streng made the point that Americans are ‘blissfully ignorant’ when it comes to the financial system.

“I believe it’s because for most Americans, overall the US dollar works fine in their day to day lives. Unlike countries such as Argentina or Venezuela, Americans don’t have to really be worried about dramatic value fluctuations or strict capital controls. They are too busy living their lives to really take the time to think deeply about what money is, what it means, and how it will evolve in the future.”

Most respondents to the study did admit though that they don’t use cash anymore. And it’s understandable as to why. Cash is slowly becoming obsolete and whereas I’m sure it will never truly disappear, more and more people are using the internet to buy things and contactless cards just add to that. 

This study provides just a glimpse into what people’s knowledge is on the monetary system which is apparently very low. 

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