Financial literacy will make the digital asset industry sustainable for the future

imageCryptocurrency43 minutes ago (Sep 19, 2020 03:00PM ET)

Financial literacy will make the digital asset industry sustainable for the future

The cryptocurrency market is still in its infancy, and the overpowering sense of possibility is strong. The range of attitudes toward crypto is generally broad, but recent surveys shed light on certain inclinations one way or another. On one hand, we see beginners who venture into projects they fail to fully grasp, and on the other, we see aspirants to crypto investing who question their capability of getting involved.

At one end of the spectrum are the crypto dilettantes, where interestingly, understanding and confidence tend to be inversely correlated. Last year, Dutch bank ING interviewed around 10,500 people in Europe about cryptocurrencies. Of the 13% with the lowest crypto knowledge, 80% demonstrated high or medium confidence in its future. The cognitive bias these findings suggest makes for an uncomfortable journey toward crypto mass adoption. Still, I believe that interest, whether matched by sound understanding or not, is a step in the right direction.

Antoni Trenchev is the co-founder and managing partner of Nexo, a provider of instant crypto credit lines. He studied finance law at King’s College London and Humboldt University of Berlin. As a member of Bulgaria’s parliament, Trehchev advocated for progressive legislation to enable blockchain solutions for a variety of e-government services, most notably e-voting and the storage of databases in a distributed ledger.

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Financial literacy will make the digital asset industry sustainable for the future

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