Here’s Why Bitcoin Is Going Nowhere Fast: Financial Literacy
Bitcoiners love to believe their complicated version of money will win hearts and minds. But they might be overlooking one crucial aspect – most people don’t even understand traditional finance, let alone the uber complicated digital finance of the future. Almost two thirds of Americans can’t calculate interest payments. Yet, Bitcoiners believe their complicated digital currency, which incorporates encryption and deflation, will catch on and “revolutionize” finance. A new study released today determined nearly two-thirds of Americans would fail a basic financial literacy test. They got....
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“In particular, Canadians who were young, male, employed, had a university degree, high household income and relatively low financial literacy were more likely to own Bitcoin." A study from the Bank of Canada found that Bitcoiners on average have lower financial literacy than those who don’t own Bitcoin (BTC). The study was compiled from four years of annual surveys from 2016 to 2020, with the sample sizes ranging anywhere from 1,987 to 3,893 respondents. The Bank of Canada’s full study is titled “Bitcoin Awareness, Ownership and Use: 2016-20” and was published on April 19. A key....
Aarika Rhodes explained how financial literacy can be a force for change in our world.
Those with less financial knowledge may be twice as likely to invest in crypto. A report from Canada’s central bank shows that while most Canadians are knowledgeable about basic finance and Bitcoin, few actually hold any crypto assets.According to the results of Bank of Canada’s 2019 Cash Alternative Survey published in August 2020, financial literacy is positively associated with the awareness of cryptocurrencies but negatively associated with ownership. The bank considers financial literacy as a basic understanding of investing and saving for retirement, with 47% of respondents from....
Nigeria lost its title as Africa’s largest economy about a month ago since falling into recession. However, Bitcoin use has not taken a due uptake there when compared on the same scale with other African Bitcoin markets in South Africa and Kenya going by previous details from fiatleak.com and LocalBitcoins.com. And this is for several reasons. Though it has the market, the largest population size on the continent, the remittance prowess that ranks in the top five in the world and a worsening economic situation - a faltering currency and plunging oil revenues, one would have expected....
Canadian bitcoin owners have little financial literacy and are susceptible to high levels of financial risk, a new Bank of Canada research shows. The Globe and Mail newspaper in Canada reported the study. According to the research paper, despite their in-depth knowledge of blockchain technology, most Bitcoin investors struggle with fundamental financial literacy. However, while […]