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Bitcoin or Gold for a Diversifier? Tales of Before and During COVID-19 Crisis Financial Literacy and Fintech Adoption for Quality of Life Yosuke Kakinuma Chiang Mai University Business School SEC
., 2018; CALISKAN et al., 2020) •Naive Portfolio •Minimizes risk without sacrificing expected returns(Tang, 2003) •Optimal strategy(Bock, 2018;Brown et al., 2013;li, 2018) 6 Background(Cont.) •Mean variance