“Young, employed Canadians with a university degree, a high household income, and limited financial understanding were more likely to purchase Bitcoin.”
The research was based on four years of yearly surveys conducted between 2016 and 2020, with sample sizes ranging from 1,987 to 3,893 respondents.
The whole report, titled “Bitcoin Awareness, Ownership, and Use: 2016-20,” was released by the Bank of Canada on Tuesday. The investigation came to the following important conclusions:
“Bitcoin owners knew more about the Bitcoin network than non-owners, but their financial literacy ratings were lower.”
Financial literacy test
The financial literacy test, on the other hand, consisted of only three multiple-choice questions about interest rates, inflation, and stock/mutual fund understanding. The three Bitcoin questions focused on supply, the digital ledger, and whether or not the network is government-backed.
Given the small number of questions, it’s debatable if they can effectively assess someone’s financial literacy. The questions, on the other hand, are rather simple.
The Bank of Canada’s experts stressed the importance of investigating the “interaction between financial literacy and involvement in the market for crypto assets,” since there are numerous risks associated with the industry that may be avoided with more information.
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Bitcoin Besëtzer
According to the data, the typical Bitcoin holder fell into the demographic of young males aged 18 to 34 throughout the four years, with men accounting for at least double the number of women each year.
In crypto’s brief existence, the gender divide has been a long-running and well-documented topic.
“Marginal effects, on the whole, are consistent with the descriptive findings already addressed.” According to the paper, “we discovered that the likelihood of owning Bitcoin decreases with being female, older, and unemployed, but improves with education.”
Non-bitcoin holders
Those with a high financial literacy level were “more likely to be aware of Bitcoin but less likely to own it,” according to the study.
Following those two reasons, respondents said they didn’t “trust private money that is not backed by a government” each year.
Notably, the reasons are given in the study for not owning Bitcoin that polled the most each year were not necessarily anti-Bitcoin, with the major replies being a lack of understanding and satisfaction with current payment methods.
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Source: https://www.thecoinrepublic.com/2022/04/24/bank-of-canada-conducted-the-financial-literacy-test-to-know-bitcoin-holders-here-is-the-result/