As stated by a new research paper published by the bank of Canada, Bitcoin investors tend to display a low level of financial, Canadian newspaper The Globe and Mail report.
At the same time, financially savvy Canadians are less likely to own the largest cryptocurrency despite being more aware of it compared to the general population.
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While Bitcoiners have deep knowledge of blockchain and crypto, they struggle with basic financial literacy questions, thus exposing themselves to bigger financial risks.
Expectedly, the Bank of Canada has also found that the majority of Bitcoin owners were men with high household incomes.
Many Bitcioners view cryptocurrency as an investment vehicle, with only a thin masses of the respondents considering using it basically as a means of payment.
The research is based on a series of surveys that were conducted over the period from 2016-to 2020.
Last year, Canada became the first country to approve a bitcoin account. It is also significant to note that cryptocurrencies experienced a big spike in adoption in 2021.
Still, there are those Bitcoin proponents who believe that crypto could be a catalyst for increasing financial literacy since it makes them explore the origins of money. Another study, which was published last June, has found a positive correlation between financial literacy and cryptocurrency investing.
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The previous month, the United State Treasury Department launched a new educational initiative that is meant to raise awareness about risks inclined with the novel asset class. A similar program was launched by basketball star, LeBron James in January