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Familiarity with Crypto and Financial Concepts: Cryptoasset Owners, Non-Owners, and Gender Differences

Author

Listed:
  • Daniela Balutel
  • Walter Engert
  • Christopher Henry
  • Kim Huynh
  • Doina Rusu
  • Marcel Voia

Abstract

In the rapidly evolving landscape of digital asset markets, measuring cryptoasset knowledge alongside financial knowledge enhances our understanding of individuals' decisions to purchase cryptoassets. Using microdata from the Bank of Canada’s Bitcoin Omnibus Survey, we measure familiarity with crypto concepts using a set of three questions covering basic aspects of Bitcoin. Familiarity with financial concepts is measured using a set of three questions covering basic aspects of conventional finance. We also consider gender differences across these measures. A novel aspect of this paper is an empirical joint analysis that allows us to consider the interrelationship between these two measures of crypto and financial knowledge.

Suggested Citation

  • Daniela Balutel & Walter Engert & Christopher Henry & Kim Huynh & Doina Rusu & Marcel Voia, 2024. "Familiarity with Crypto and Financial Concepts: Cryptoasset Owners, Non-Owners, and Gender Differences," Staff Working Papers 24-48, Bank of Canada.
    • Handle: RePEc:bca:bocawp:24-48
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    More about this item

    Keywords

    Central bank research; Digital currencies and fintech; Econometric and statistical methods;
    All these keywords.

    JEL classification:

    • C81 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Microeconomic Data; Data Access
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • G53 - Financial Economics - - Household Finance - - - Financial Literacy
    • O51 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - U.S.; Canada

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