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Close up shot of Bitcoin and other cryptocurrency coins on a $100 bill.

Does the cryptocurrency sector have a financial literacy problem?

UC economist tells Cointelegraph cryptocurrency adoption can help improve financial literacy

headshot of Kyle Shaner By Kyle Shaner
2 minute read December 10, 2024

Volatility has been a characteristic of cryptocurrency markets, which a report from PiP World attributed in part to low financial literacy rates among cryptocurrency owners, Cointelegraph reported.

Michael Jones, PhD Assoc Professor Academic Director, MAECON LCB-Economics

Michael Jones, PhD, director of the Cryptoeconomics Lab at UC Digital Futures.

However, not everyone buys into the premise that literacy is the problem.

A University of Cincinnati survey, conducted by the Cryptoeconomics Lab at UC Digital Futures, found cryptocurrency owners score higher than non-cryptocurrency owners in financial literacy.

Michael Jones, PhD, a Carl H. Lindner College of Business assistant professor of economics and director of the Cryptoeconomics Lab, said it makes sense that cryptocurrency owners would want to learn more about the traditional financial sector.

“I would argue that cryptocurrency adoption can be an effective vehicle for increasing financial literacy,” Jones told Cointelegraph.

The Cryptoeconomics Lab has developed a survey to test individuals’ knowledge about cryptoeconomics.

See more from Cointelegraph.

Featured image at top: Close up shot of Bitcoin and other cryptocurrency coins on a $100 bill. Photo/ozgurdonmaz via iStock

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