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The Majority of Canadians Own Bitcoin for Investment Purposes, According to a Bank of Canada Study

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The Bank of Canada has released a study that was conducted in the form of a survey, to gauge the volume and reasons of use of Bitcoin in the country, comparing 2016 and 2017. The 2017 edition of the survey took place in December 2017, just as Bitcoin was reaching its all-time high of almost $20,000. The findings generally reflected that awareness of Bitcoin was up from 2016, and that the main reason that was cited for the purchase of BTC was for investment purposes, rather than purchasing. A summary of the survey findings is below.

  • Awareness of Bitcoin

The survey found that this had increased from 64% to 85% with British Columbia (93%) leading the way, and the wealthiest Canadians – those earning above $70,000 per annum – the most knowledgeable demographic (92%).

  • Knowledge of Bitcoin

The survey was also able to improve that both Bitcoin owners and non-owners were more knowledgeable than they had been in 2016 – although this was not the case across the board – perhaps reflecting the ongoing need for transparency at government level, and access to education on crypto. See table below:

  • Ownership of Bitcoin

This had also increased across all age groups, from 6% to 14% in the youngest (18-24) age group and from 0.9% to 3.5% in the 45-54 age group. In terms of gender, ownership amongst men increased from 4.2% to 8.1%, while female ownership remained constant at around 2%.

  • Reasons for owning Bitcoin

As mentioned above, the other survey factor analysed the reasons for Bitcoin ownership. Currently, 58% of those surveyed have Bitcoin for investment purposes, with only 12% of transactors responding that they owned Bitcoin in order to make purchases.

This is pretty reflective of the current state of the market; Bitcoin is so volatile that many are holding on to their investments to see if it will spike above the $20,000 mark in the near future, having slumped to $8,000 at the time of writing – although this represents a considerable recovery in the last couple of weeks in itself.

Image Credit: Deposit Photos

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