Digital currencies like Bitcoin and Ethereum and their underlying blockchain technology have become a source of never-ending debate over the past years. Some people support this new asset class and all the changes it brings along, and root for wider crypto adoption; some are skeptical about their value and utility and point out their numerous shortcomings, while others are ambivalent or couldn’t care less if the crypto industry plummets or thrives.
Critics may argue there’s no point in lending special attention to some nascent assets known for their exceeding volatility and whose value derives mostly from people’s perception. Crypto’s unpredictable nature is made abundantly clear by past and present price charts and the Bitcoin price prediction for the years ahead.
However, no matter where you find yourself on the crypto spectrum and despite the market’s inherent instability, it’s impossible to deny the fact that digital currencies and blockchain have become a disrupting force in finance, and their reach and influence are fast expanding in other areas and industries that shape our present and future.
Why crypto and blockchain literacy is important
Everyone is well aware of crypto’s existence, but not many know what crypto implies and how it functions. Blockchain technology is an even more foreign concept that fewer people understand. Neither one of these topics can be found in the curriculums of most educational institutions. Recent reports show that only 2% of higher-ed institutions provide courses on blockchain, while 18% might do so in the future.
But why should educational institutions make the effort to include these subjects in their curriculums and give students the opportunity to learn about crypto and blockchain? Well, the first and most obvious reason is their current relevance.
Not too long ago, crypto and blockchain were regarded as mere buzzwords – new fads coming from the tech world that would soon fade into anonymity like many others have before them. 15 years have gone by since Bitcoin, the first crypto made available to the public, was launched, and not only are digital assets still around, but they’re fast marching towards mainstream acceptance.
Back in January, the U.S. Securities and Exchange Commission finally gave the green light for the delivery of spot Bitcoin exchange-traded funds (ETFs) by several major asset managers like BlackRock, Grayscale, VanEck, and Invesco. The emergence of spot Bitcoin ETFs is supposed to make it easier for investors to gain exposure to the live price of Bitcoin without actually owning the asset, which obviously encourages investments in digital assets.
At the same time, a growing number of businesses and organizations are making crypto payments available for their customers and partners. Paying for basic goods and services with crypto is no longer unusual, but an increasingly common practice that many consumers seem willing to embrace. So, it’s time to address the elephant in the room and recognize that digital currencies are very much a part of our world and it’s highly likely they will continue to gain more ground as time goes by.
This means educational institutions should also align their curriculums with the realities of our time and teach students how to navigate the world we live in. Since crypto and blockchain seem to be an integral part of the financial system now, it’s only natural for the education system to reflect that and provide courses on the subject. At the moment, embracing digital assets and blockchain is optional, but there might come a time when these technologies become so prevalent it’s going to be impossible to avoid them, which only stresses the importance of crypto and blockchain literacy for future generations.
A lot of people also conflate crypto with blockchain due to the two of them being closely connected. However, cryptocurrencies represent just one of the many applications that the blockchain technology supports. So, even if digital currencies don’t make it into the mainstream, as it was originally intended, or collapse, the blockchain can still exist outside the crypto realm. In fact, the technology has already made its way into multiple industries such as logistics, gaming, retail, real estate, insurance, and many more thanks to its unique features and capabilities.
Moreover, blockchain technology is currently used in the educational field as a potential solution for reducing tuition costs, enhancing the transparency of the accreditation process, improving the learning experience, and giving students greater control over their educational journey. Therefore, it makes perfect sense for students to learn about this revolutionary technology that not only impacts their academic endeavors but also has the potential to transform our society.
Opposing views
Although the benefits of teaching students about cryptocurrency and blockchain are hard to argue, controversies and challenges still exist, and it might take a while for everyone to get on the same page on the matter.
One of the main arguments against crypto/blockchain education is the volatility and the risks associated with it. Crypto has long been criticized for its excessive volatility and the risk it implies for traders, investors, and anyone using digital assets for that matter.
Another aspect that calls for caution is the regulatory uncertainty and confusion surrounding digital currencies at the moment, with different countries implementing different rules and regulations on crypto, ranging from complete interdiction to acceptance as a digital ledger.
But even if these aspects represent real reasons for concern, they don’t provide a compelling argument for opposing crypto education. If anything, they emphasize the importance of teaching students about the shortcomings and hazards related to crypto and blockchain so they can stay safe and make better-informed decisions.
Bottom line
Beyond the hype and debates around crypto and blockchain, we need to focus on their real-world impact which is bound to evolve. Therefore, by ensuring that younger generations have access to proper education on these topics, we are preparing them to thrive in a world that will most likely be dominated by these innovations.
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