Bitcoin Holdings in Canada Has Doubled

Bitcoin Holdings in Canada Has Doubled in 2021
  • Bitcoin touched its $21,000 level after one year.
  • Canada has 1.2 million cryptocurrency users.

In 2021, Canada witnessed the wider cryptocurrency adoption which recorded a double increase in Bitcoin (BTC) use. According to the Bank of Canada’s latest report, which was released on June 9, 13% of Canadians owned Bitcoin in 2021, up only 5% from last year.

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Bitcoin Holders in Canada

In June 2020 In Canada, crypto exchanges and payment processors are categorized as legal tender, and crypto reach continues to expand. As a result of this, now the country has 1.2 Million crypto users which are 3.2% of Canada’s total population, and 31.68% are millennials.

According to Canada’s central bank, Bitcoin holders own around $500 or worth of  BTC on average (more than 11 million in current value). However, mostly they use it as a speculative asset rather than a payment method. The wider adaption of crypto resulted in the country having 2505 Bitcoin ATMs

Yesterday the largest crypto exchanger Binance paused Bitcoin withdrawal for approximately 3 hours due to the stuck on-chain transaction. 

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BTC traded at below $21,500, recorded a new low since December 2020, and lost 68% of the value from its all-time high of $68,789. As a result of this total crypto market is facing a downtrend, the market cap went below 963 billion, and lost half of its value from $3 trillion which is recorded in November 2021. Still, the market has not to get recovered and BTC traded at $22,366 at the time of writing.

A journalism graduate who is passionate about writing loves to dance and travel currently starts exploring blockchain technology.