Abstract
ABSTRACT This study compares the key characteristics of Japanese crypto asset owners with those of nonowners. After confirming that average crypto asset owners are likely to be young and male as compared to average crypto asset nonowners, we find that average crypto asset owners tend to have a higher level of financial literacy and are more likely to use cashless payment methods and hoard cash, as compared to average crypto asset nonowners. This study also determined novel heterogeneities among crypto asset owners according to their investment experience with conventional risky financial assets in terms of cash hoarding and financial literacy. Crypto asset owners without investment experience with conventional risky financial assets do not hoard cash and their level of financial literacy is lower than that of both crypto asset owners and nonowners with investment experience with conventional risky financial assets. The results suggest that financial regulators should not treat crypto asset owners as a homogenous group of financially literate investors who are inherently good at internet transactions.
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