Para garantizarle una navegación por nuestra web segura y de calidad, le informamos que utilizamos Cookies. Si está de acuerdo clique ACEPTAR. Puede bloquear o eliminar las cookies instaladas en su equipo mediante la configuración de las opciones del navegador. Para más información consulte nuestra Política de Cookies
Acepto
Instituto Valenciano de Investigaciones Económicas

Publicaciones

Cryptocurrency ownership and cognitive biases in perceived financial literacy
Carbó, S., P. J. Cuadros y F. Rodríguez
Fuente: Journal of Behavioral and Experimental Finance
Resumen
Acknowledging the potential threats posed to financial stability by owning cryptoassets combined with a lack of financial literacy, this paper investigates the relationship between financial literacy and cryptocurrency ownership using machine learning methods. Analyzing 2121 survey responses, it shows that financial literacy emerges as a crucial factor in cryptocurrency ownership, even when accounting for other factors such as age, income, and digital activity. A neural network model reveals that a unit increase in financial literacy reduces the probability of cryptocurrency ownership by 0.2. Causal forest analysis indicates that financial literacy bias positively impacts ownership likelihood (a point estimate of 75.30 %). However, the bias-corrected financial literacy measure has a negative effect of −25.40 % on ownership likelihood. This reveals that cognitive biases, particularly overconfidence, as a significant influence on cryptocurrency ownership. These results show that individuals with more financial literacy and with less biased self-assessments are less likely to hold cryptocurrencies.

Cómo citar este artículo

Carbó, S., P. J. Cuadros y F. Rodríguez (2025). «Cryptocurrency ownership and cognitive biases in perceived financial literacy». Journal of Behavioral and Experimental Finance 45 (marzo): 101019.