Bank of Canada linked Bitcoin ownership to low financial literacy
![](data:image/svg+xml;utf-8,<svg xmlns="http://www.w3.org/2000/svg" width="730" height="472" />)
Nevertheless, people that buy Bitcoin tend to have higher than average income. Makes you think.
Bank of Canada conducted research that associated Bitcoin ownership with a lower financial literacy level compared to non-crypto holders. Although they demonstrated a deeper understanding of how Bitcoin works.
The study used the data from several annual surveys – from 2016 to 2020. It was released under the name “Bitcoin Awareness, Ownership and Use: 2016-20”. The number of respondents varied from 1,987 to 3,893.
Participants were asked three questions about how Bitcoin works and three questions to determine their level of financial literacy. Here’s what these surveys looked like:
![](data:image/svg+xml;utf-8,<svg xmlns="http://www.w3.org/2000/svg" width="870" height="904" />)
As you can see, the questions were pretty easy. But still, somehow, Bitcoin owners weren’t able to ace it. Maybe because they were busy making all that sweet money?
Now it gets interesting – the Bank of Canada also linked Bitcoin ownership to higher-than-average income. In particular, the researchers found out that a typical Canadian Bitcoin holder’s household income is more than 70,000 CAD.
The researchers compiled a complete profile of Bitcoin owner in Canada. It looks something like this:
“Young, male, employed, had a university degree, high household income and relatively low financial literacy.”
Source: Bank of Canada
8 comments