Despite a growing craze for digital assets, the rate of adoption varies significantly from country to country. According to a survey published by the Bank of Canada for example, the rate of crypto ownership has fallen in 2022.
Crypto ownership in Canada by the numbers
In Canada, regulators are working tirelessly to establish clear and consistent crypto rules. Nevertheless, this digital asset is still not unanimous.
According to the Bank of Canada survey, crypto ownership dropped significantly in 2022:
- Bitcoin ownership in 2022: 10% (down 3% from 2021)
- Ether ownership in 2022: 4% (down 3% from 2021)
- Altcoins: Ownership of Other Crypto Assets Remains Relatively Stable in 2022 (Compared to 2021)
This trend marks a notable change from the stable detention rates observed between 2017 and 2018. But not only that! These figures also show that bitcoin holdings have been particularly hard hit.
Reasons behind bitcoin sales
I’investigation from the Bank of Canada sheds light on the different reasons Canadians are selling their crypto in 2022:
- 24% of bitcoin holders invested for technology-related reasons.
- Only 11% of crypto holders in Canada mentioned payment reasons as a reason for investing.
This predominance of technological interest connotes a fact: bitcoin is considered a promising digital asset in the context of technological innovation.
Impact of financial markets and regulation
Another reason for the drop in crypto holdings in Canada is the volatility of the traditional and crypto financial markets. Furthermore the strict regulatory environment which created an atmosphere of caution among investors. These elements forced them to reevaluate their portfolio of digital assets.
In any case, the Bank of Canada survey paints a reality: Canadians are not as interested in crypto. Only time will tell if this trend will evolve in a positive way. File to follow…
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