ASK LEO: What's The Ratio Of People Who Actually Know About Crypto To Those Who Actively Invest In it?

This article is solely based on the Bank of Canada's latest revelations, and my initiative of course.

About 13% of Canadians owned Bitcoin in 2021 – but investors of average financial literacy are the least likely of all to buy in.
Source

According to a survey by the Bank of Canada, the number of people who own Bitcoin now is considerably higher when compared to the figures for 2018 or the years before. In my opinion, this is not surprising at all since cryptos have gained widespread knowledge and adoption by businesses, individuals, organizations, and countries.

The Bank also credits the savings policy adopted by Canadians during the duration of the pandemic to the increase in the widespread reach of these coins and tokens.

In my country, Nigeria, I do not think that the number of people who haven’t heard about cryptocurrency is above 5%. Not to mention, a more developed Canada, with well over 90% of its entire Canadian population in the know about the existence of Bitcoin. In fact, the report by the central bank of Canada also implies that this percentage is over 97% in the United States.

Now, this is not to state that all of these people actively invested in cryptocurrency. In fact, there's a higher percentage of those who knew about cryptocurrency and would rather not invest than those who actually invested in it. If I were to give an estimation from what I've read so far, I'll put the ratio at 9:1. 9-represents the number of people who know about crypto, and 1- represents the people who actually invest.

While some of these investors were short-term, others were long-term. Cryptocurrency has always been volatile, but this had no negative impact on the profits or gains of those long-term investors, until the entire crash happened again this year in 2022, causing the majority of these long-term investors to lose more than half of their portfolios. I also lost my teeny tiny portfolio.

If you were to ask me this;

Should I Invest In Cryptocurrency Right Now?**

My answer would be: I am uncertain of what route cryptocurrency will be taking in the near future. However, DYOR.

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