Published: 21.04.2022
Article reading time:
1 min.
According to the Bank of Canada, the majority of Canadians investing in bitcoin do not have the proper level of financial literacy. At the same time, more knowledgeable investors practically do not own BTC.
The Bank of Canada (BoC) has published a study highlighting that successful Bitcoin investment requires knowledge of blockchain and the cryptocurrency industry in general. However, most of the time investors spend on understanding the basic issues of financial literacy.
The study notes that the majority of bitcoin owners are men with high incomes. At the same time, the vast majority of investors consider cryptocurrency as an investment tool and very few as a means of payment.
The study is based on a series of surveys conducted between 2016 and 2020, so it does not take into account the surge in popularity of cryptocurrencies in 2021, as well as the fact that Canada became the first country to approve an exchange-traded fund (ETF) for bitcoin last year. The percentage of financially illiterate crypto-investors could either increase or, vice versa, become smaller due to the great hype.
There are quite a few bitcoin advocates who believe that cryptocurrencies are a catalyst for increasing financial literacy, as they force them to explore the origin of money.
In January, the founder of the Canadian investment company Wealthsimple Michael Katchen (Michael Katchen) said that the country has already created favorable conditions for attracting cryptocurrency companies, and it remains only to create a legislative framework.
Source: Bits
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