Canada’s Awareness and Adoption of Bitcoin Continues to Surge, Says the Central Bank

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City of Toronto, Photo by Brxxto

The latest research document released by the Central Bank of Canada reveals that the Bitcoin industry still holds its ground despite the drastic drop in the asset’s price just recently.

Known as the Bitcoin Omnibus Survey, this project has been carried out by the Bank of Canada over the past years to find out Canadians’ attitudes towards Bitcoin and other digital currencies, their level of awareness, usage, and industry insights, among other things. The central bank wants to know such information to be able to assess its impact on the country’s financial ecosystem accurately.

The survey found out that in just two years, 2016-2018, the number of Canadians who know about Bitcoin soared from 62% to 89%. This figure, according to the central bank, was almost expected since it was around this time when Bitcoin’s prices were hitting all-time highs. The mainstream media exciting the community about the developments played a significant role as well.

Around the same period, Bitcoin holders in Canada increased to 3% to 5% as well. The demographics revealed that the purchasers are mostly 18-34-year-old males who likely got their Bitcoin education from universities.

It appears that during the controversial bear market in 2018, Canadians were not running away from the asset; instead, they were accumulating it like other nations across the world had done. Notably, around that time, the share of BTC holders aged 55 and older had tripled. From 0.5% the previous year, the data soared to 1.7% in 2018.

The central bank also revealed that disposable income significantly impacted the rate of ownership. Citizens earning $30,000 and below had demonstrated a drop in Bitcoin ownership, from 4.3% to 2.8%. Meanwhile, those with a household income of more than $70 000 exhibited the other way around. From 4.3% to 7%, the number of Bitcoin holders almost doubled.

As per the research, in 2017, Canadians bought Bitcoin out of sheer speculation. The following year, however, most of them shared that the primary reason was to use the asset for purchasing goods and services, as well as to conduct person to person fund transfer.

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