I have just come across the Bank of Canada’s report that claimed crypto holders have a low degree of financial literacy.
On a separate note, they have also stated: “Canadians who were young, male, employed, had a university degree, high family income, and relatively low financial knowledge were more likely to buy Bitcoin,” according to their survey.
I do not know if they are taking us for fools, but this looks counterintuitive. How can someone young, employed, educated, and has a high income have poor financial literacy?
This brings up the question of whether they are completely incompetent or are they trying to push a certain narrative. The narrative is that cryptocurrencies are bad. That financial freedom should not exist. That money has to be controlled by banks. That we should have no word when it comes to financial system or that people should not earn any interest on their crypto holdings — yes USA I am looking at your rotten system. Poor need to stay poor in America huh?
They might call it “providing financial stability,” I call it fraud. They are trying to protect the system, although we have a recession every decade, where millions (actually billions) of people live in poverty and have no real access to the financial system.
I realize I am writing this from the comfort of Western society, but hell, I would prefer to be less comfortable, if that would mean, all the people around the world would have a better life.
The question must be asked: “Are you financially incompetent, crypto investor?”
No matter your answer, the better question is: “Are you more competent than people who don’t invest, than people who blindly follow the IMF, SEC, and Central bank’s narrative?
I believe that cryptocurrency investors are more financially literate than the average population. Most of us, came to crypto after realizing that we can never play a role in traditional markets.
How are you going to invest in stocks, when your profits are miserable, because you have no real funds to even invest in.
Only after I have bought Coca-Cola’s, Tesla’s, Amazon’s and Apple’s shares, I realized that the only person who is getting money out of it are the people who are already rich.
Iam sorry, but I do not want to be a part of a system that serves the wealthy. I am not saying that investing in the traditional stock market is bad, but the only winners of the current system are the richest 1% and the gap between the poorest and richest has never been so high. So, tell me Bank of Canada, how do you expect me to support such a system?
Thank you, but no thank you. I will take my chance with crypto.
Facts
- Charles Schwab found that 94% of people who first began investing in 2020 wanted to learn more about finance.
- over 50% of crypto investors become long-term holders.
