Bridging the Financial Gap: Exploring Vulnerabilities with Cryptocurrencies Owners

Bridging the Financial Gap: Exploring Vulnerabilities with Cryptocurrencies Owners
Bridging the Financial Gap: Exploring Vulnerabilities with Cryptocurrencies Owners

Principal speaker

Associate Professor Levon Blue

In this presentation, I share findings from a larger study that sought to identify, who is vulnerable and what are the vulnerabilities when buying and storing cryptocurrencies. We investigated the demographics of Australians (Indigenous and non-Indigenous) who own cryptocurrencies to identify the challenges and opportunities faced. Through an online survey of 745 participants (62 Indigenous Australians), we identified who is vulnerable and what the vulnerabilities are.

We found there to be two distinct groups. One group of participants possessed some features of socioeconomic disadvantage, including being female, identifying as Indigenous, having a high school or below education, working part-time or casual, renting a home or speaking a language other than English at home. The other vulnerable group is from a socioeconomic advantaged background, who were non-Indigenous, university-educated, employed full-time or owned their home with a mortgage. This group of well-educated, capital-rich participants also had sufficient crypto literacy and IT literacy in cryptocurrencies or NFTs.

Findings from our research underscore the need for educators to provide guidance on alternative financial products, as traditional educational systems often neglect these topics.

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