Bitcoin Hodlers Suffer Lack of Financial Literacy, Bank of Canada Says
Main page News, Canada, Crypto Market

Investors that hodl bitcoin (EXANTE: Bitcoin) know better the blockchain basis, but are less financially educated than those who don't have cryptocurrencies, the Bank of Canada said in a recent report.

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According to the result of surveys conducted between 2019-2020, almost 90% of the population were aware of bitcoin, while only 5% owned it. The regulator added:

"Bitcoin owners were susceptible to certain risks, as evidenced by the fact that about half of current and past owners stated they had been affected by events such as price crashes, losing access to funds, scams or data breaches."

The Bank of Canada also found that bitcoin owners are "consistently more likely to be young, male, and have higher education." At the same time, ownership of altcoins remains low, with ownership of stablecoins "particularly rare." According to the survey's result, the main reason for Canadians to buy bitcoin remained to be investment purposes, followed closely by reasons related to technology.

Coinbase to Monitor Outgoing Transactions from Users in Canada, Japan and Singapore

Canada's central bank has accelerated its studying of the crypto market recently. As iHodl earlier reported, Multiverse Computing, a quantum computing startup, earlier completed a proof-of-concept project in a collaboration with the Bank of Canada where the parties simulated with a quantum computer the adoption of cryptocurrency as a payment method.

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