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13% CANADIANS HOLD BITCOIN, SAYS BANK OF CANADA’S FINANCIAL REVIEW

Key statistics from the Bank of Canada’s Financial System Review demonstrate how
popular cryptocurrencies have become among the citizens of Canada



The Bank of Canada has revealed in its financial system review that as many as
13 per cent Canadian citizens owned Bitcoin as of 2021. In 2018-20, this figure
was just 5 per cent.

This increase occurred following “widespread increases in the savings and wealth
of Canadians during the pandemic, the bank said in its report. Titled Private
Digital Cryptoassests as Investment? Bitcoin Ownership and Use in Canada,
2016-2021, the report was released on October 12, 2022.

Canadian fintech firms have started selling cryptocurrency alongside
conventional goods. As such, more people now have access to a platform to learn
about and invest in cryptocurrencies, especially Bitcoin, the report said.

Bank of Canada said that since 2016, it has been researching on Bitcoin. It made
use of polls to comprehend how Canadians felt about cryptocurrency as an asset
class. According to the findings of the 2021 Bitcoin Omnibus Survey, the number
of people who possessed cryptocurrencies in the nation has increased since the
outbreak.

Surprisingly, despite an increase in Bitcoin ownership in Canada, statistics
reveal that more Canadians who own the cryptocurrency are actually unaware of
it.

Despite the possibility that more people may own Bitcoin in 2022, it seems that
those people don’t “have as much expertise in the currency. Given that the usage
of cryptocurrencies is anticipated to increase even more in Canada by 2024, this
is something to keep an eye on,” the report said.

According to the report, Ether, Dogecoin, and Bitcoin Cash were the most
frequently mentioned altcoins that the respondents said they had heard of. The
reported holdings in these, were, however, modest. Only 7 per cent of Canadians
owned Ether, and 4 per cent owned either Dogecoin or Bitcoin Cash.

The report further revealed that 90 per cent of individuals polled in 2021
reported having heard of Bitcoin and had some basic knowledge of it, indicating
that awareness about Bitcoin is quite high in Canada.

Participants in the study also demonstrated a wide range of knowledge levels. A
huge 40 per cent of those who said they owned Bitcoin said they had little or no
information about it.

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