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Cryptocurrency has been increasingly popular with investors. Using the 2018 National Financial Capability Study Investor survey, we examined the association between investment literacy and cryptocurrency investment—about 13% of investors invested in cryptocurrency directly or indirectly. Results from regression analyses show that objective investment literacy was negatively while sub- jective literacy was positively associated with holding cryptocurrency. Overconfident investors were more likely to invest in cryptocurrency, and results were robust across three overconfidence meas- ures. This study has implications for investment advice, financial education, and research.
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Kim et al. (2023) studied this question.
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