Study: Bitcoin Investors Have Low Financial Knowledge
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Answer Study: Bitcoin Investors Have Low Financial Knowledge
According to a new research paper published by the Bank of Canada, bitcoin investors tend to display a low level of financial knowledge.
The paper, published by the newspaper,The Globe and MailCanadian investors say bitcoin investors have little knowledge of other financial matters outside crypto.
At the same time, according to the same paper, it is unlikely that financially savvy Canadians will own the largest cryptocurrency despite being more aware of it than the general public.
While bitcoin investors have a deep knowledge of the blockchain and crypto, they struggle with basic financial literacy questions, thus exposing themselves to greater financial risk.
As expected, the Bank of Canada also found that the majority of Bitcoin owners were men with high family incomes.Read:Digital currencies are the future, according to the founder of “Ali Baba”
Most bitcoin traders view the cryptocurrency as an investment tool, with only a tiny majority of respondents considering using it primarily as a means of payment.
The results are based on a series of surveys conducted from 2016 to 2020.
Last year, Canada became the first country to approve a bitcoin-based exchange-traded fund.
The research does not take this development into account.
It is also important to note that cryptocurrencies saw a significant rise in adoption in 2021.
However, these Bitcoin proponents believe that the cryptocurrency can be a catalyst for increasing financial knowledge because it makes them explore the origins of money.
Another study, published last June, found a positive correlation between financial literacy and investing in cryptocurrency.
Last month, the US Treasury launched a new education initiative aimed at raising awareness of the risks associated with the new asset class.Read:How has BNB fared with the uncertainty surrounding Binance?
Last January, basketball star LeBron James launched a similar program.
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