Bitcoin (BTC): 13% of Canadians own it

The Bank of Canada has shared its Financial System Review. This is accompanied by statistics showing Canadians’ interest in crypto-assets. According to the new data, 13% of Canadian citizens owned Bitcoin in 2021. This figure is up 5% from 2018 and 2020.

A widespread enthusiasm

Cryptocurrencies have taken center stage during the Covid-19 pandemic. Now governments, citizens are interested in digital assets. Canada has only just begun to explore the waters of the crypto sphere. According to the Bank of Canada, this increase occurred following widespread increases in the savings and wealth of Canadians during the pandemic. Fintech companies in Canada have also started offering cryptocurrencies to invest in alongside more traditional financial products. Thus, access to these assets has increased, especially when it comes to bitcoin (BTC).

Source: Statista, German online portal offering statistics from institute data, market and opinion research.

The Bank of Canada adds that it has been studying bitcoin since 2016. It organizes surveys to understand Canadians’ relationship with this crypto asset. The results of one such survey show that crypto continues to grow in the country. Since the pandemic, more citizens have it. In addition, the survey also covers additional questions, such as Canadian citizens’ familiarity with bitcoin.

The low correlation between fundamentals and interests

One of the surveys was to ask Canadians if they agree with the statement that bitcoin is government-backed (which they don’t). From the responses, 40% of bitcoin owners in 2021 showed a low level of knowledge. Nevertheless, this percentage is higher than in previous years. In addition, 66% of Canadians who do not own bitcoins showed a low level of understanding of how this cryptocurrency works.

While bitcoin ownership is increasing in the country, citizens who own bitcoin generally show low awareness of the subject. Although the number of bitcoin owners may increase in 2022, these new investors do not have better knowledge. This is something for the regulator to watch, as cryptocurrency adoption is expected to increase further in Canada by 2024.

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