VIRTUAL ASSETS AND ECONOMIC AND TECHNOLOGICAL LITERACY (MASS ADOPTION): IMPACT ON CONSUMER AND INVESTOR BEHAVIOUR IN THE GLOBAL ECONOMY

Abstract

The article is devoted to the analysis of the impact of virtual assets and the level of economic and technological literacy on the behavior of consumers and investors in the global economy. The purpose of the study is to study the democratization of investments in cryptocurrency, regardless of the level of education changing the investment landscape in the world. In the course of scientific research, methods of empirical analysis, statistical analysis and correlation analysis were used. The article analyzes the impact of technological innovations on the investment landscape, in particular the impact of the introduction of cryptocurrencies. It is considered how democratization of access to investments allows individuals with any level of income and education to make investments in minimum amounts and make a profit due to market volatility, while increasing risks due to potentially sharp fluctuations in prices. The educational aspect was also investigated, which turned out to be critical for attracting investors to the virtual assets sector. It is found that in countries with a high level of economic development, the level of financial literacy is approximately 48%, while in countries with a low standard of living - 28%. Despite this, the population of underdeveloped countries invests more actively in cryptocurrencies, while the population of developed countries approaches this more carefully. Empirical analysis showed a weak inverse relationship between the level of financial literacy and the index of propensity to invest in cryptocurrencies (Pearson coefficient -0.113), which may indicate a potential conflict between limited rationality and sound investment decisions. However, the negative value of the coefficient indicates a general trend: the lower the financial literacy of the population, the more actively it invests in cryptocurrency. This is due to subjective financial literacy, which is formed on the basis of practical knowledge. In order to transform knowledge about cryptocurrencies into objective ones, the availability of financial education is important. Now there are many cryptocurrency courses available, the state is also developing programs to educate the population, which helps reduce the risks associated with crypto trading. The practical significance of the study is that it provides a means to improve the financial literacy of the population and develop rational investment strategies in the field of virtual assets.