by J.P. Koning
The American Institute for Economic Research
A recent Cointelegraph article soul-searchingly asked: “Are we dumb?” Cointelegraph was reacting to a recent Bank of Canada survey showing that, on average, Canadians who own bitcoin have lower financial literacy than Canadians who don’t own bitcoin.
The Bank of Canada’s 2020 Cash Alternative survey found that 4% of Canadians with high financial literacy own cryptocurrencies. But 8% of Canadians with low financial literacy own cryptocurrencies. This confirms results from the Bank of Canada’s earlier 2018 Bitcoin Omnibus Survey, published in 2019, which found that while 27% of all Canadians have low financial literacy, 38% of Canadian bitcoin owners have low financial literacy.