- 13% of Canadians have Bitcoin, up significantly from 5% in 2018-2020.
- Additional research on Bitcoin has been conducted by the Bank of Canada since 2016.
Key figures reflecting Canadians’ preference for crypto assets have been released by the Bank of Canada. As part of its Financial System Review. New statistics show that by 2021, 13% of Canadians have Bitcoin, up significantly from 5% in 2018-2020.
The Bank attributes this growth to “widespread increases in the savings and wealth of Canadians during the pandemic” throughout the epidemic. Canadian fintech firms have started marketing cryptocurrency investments alongside their more conventional offerings. As a result, more people now have a place to go for information. And to make Bitcoin and other cryptocurrency investments.
Rise in Crypto Adoption
Additional research on Bitcoin has been conducted by the Bank of Canada since 2016. It conducts polls to see how Canadians feel about this digital currency. The 2021 Bitcoin Omnibus Survey found that despite the epidemic, the popularity of Bitcoin remains high and that more people now hold Bitcoin than before. Other questions, such as Canadians’ level of Bitcoin knowledge, are also included in the study.
The Bank data records:
“For instance, we asked them whether they agreed with the statement that Bitcoin is backed by a government (which is false). Based on the answers to three such core questions, we found that 40% of Bitcoin owners in 2021 showed a low level of Bitcoin knowledge, which is a higher percentage than in previous years (Chart 2). Also, 66% of Canadians who did not own Bitcoin showed a low level of understanding of how this cryptoasset works.”
According to statistics from the Bank of Canada, despite rising Bitcoin ownership in the nation, an increasing number of Canadians who already possess Bitcoin also know very little about it. There may be more Bitcoin holders in 2022, but they don’t seem to have as much expertise with the currency. Given that cryptocurrency popularity in Canada is predicted to increase even more by the year 2024, this is something to keep an eye on.
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