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Crypto asset ownership, financial literacy, and investment experience

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  • Hiroshi Fujiki

Abstract

This study compares the key characteristics of Japanese crypto asset owners with those of nonowners. After confirming that average crypto asset owners are likely to be young and male as compared to average crypto asset nonowners, we find that average crypto asset owners tend to have a higher level of financial literacy and are more likely to use cashless payment methods and hoard cash, as compared to average crypto asset nonowners. This study also determined novel heterogeneities among crypto asset owners according to their investment experience with conventional risky financial assets in terms of cash hoarding and financial literacy. Crypto asset owners without investment experience with conventional risky financial assets do not hoard cash and their level of financial literacy is lower than that of both crypto asset owners and nonowners with investment experience with conventional risky financial assets. The results suggest that financial regulators should not treat crypto asset owners as a homogenous group of financially literate investors who are inherently good at internet transactions.

Suggested Citation

  • Hiroshi Fujiki, 2021. "Crypto asset ownership, financial literacy, and investment experience," Applied Economics, Taylor & Francis Journals, vol. 53(39), pages 4560-4581, August.
    • Handle: RePEc:taf:applec:v:53:y:2021:i:39:p:4560-4581
    DOI: 10.1080/00036846.2021.1904125
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    Cited by:

    1. Pavel Ciaian & Andrej Cupak & Pirmin Fessler & d'Artis Kancs, 2022. "Environmental-Social-Governance Preferences and Investments in Crypto-Assets (Pavel Ciaian, Andrej Cupak, Pirmin Fessler, d’Artis Kancs)," Working Papers 243, Oesterreichische Nationalbank (Austrian Central Bank).
    2. Colombo, Jéfferson Augusto & Yarovaya, Larisa, 2024. "Are crypto and non-crypto investors alike? Evidence from a comprehensive survey in Brazil," Textos para discussão 568, FGV EESP - Escola de Economia de São Paulo, Fundação Getulio Vargas (Brazil).
    3. Levkov Nikola & Bogoevska-Gavrilova Irena & Trajkovska Milica, 2022. "Profile and Financial Behaviour of Crypto Adopters – Evidence from Macedonian Population Survey," South East European Journal of Economics and Business, Sciendo, vol. 17(2), pages 172-185, December.
    4. Pavel Ciaian & Andrej Cupak & Pirmin Fessler & d'Artis Kancs, 2022. "Environmental-Social-Governance Preferences and Investments in Crypto-Assets (Pavel Ciaian, Andrej Cupak, Pirmin Fessler, d’Artis Kancs)," Working Papers 243, Oesterreichische Nationalbank (Austrian Central Bank).
    5. Elisa Tjondro & Saarce Elsye Hatane & Retnaningtyas Widuri & Josua Tarigan, 2023. "Rational versus Irrational Behavior of Indonesian Cryptocurrency Owners in Making Investment Decision," Risks, MDPI, vol. 11(1), pages 1-18, January.

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