In a study published this week, the Bank of Canada shows the behavior of Canadian investors vis-à-vis Bitcoin (BTC). So, 89% of the country’s citizens have already heard of it, and 13% have it in their wallets.
According to a survey, 13% of Canadians own Bitcoin
The Bank of Canada conducted a survey to understand the acceptance of cryptocurrencies in the country. So, the results published this week show that it is Bitcoin (BTC) held 13% of Canada in 2021.
The data was collected through various surveys, in total almost 2,000 respondents. This report also shows the evolution of the behavior of the country’s citizens, according to years and social and demographic classes.
The first graph shows that between 2016 and 2021, we went from 62% to 89% of Canadians have heard of Bitcoinand from 3.2% to 13.1% who were:
Figure 1: Evolution of people who own and have heard of Bitcoin in Canada
These numbers are actually averages. However, the country’s central bank reflects this evolution on Bitcoin holders as well depending on more specific factors :
Figure 2: evolution of Bitcoin holders according to social demographic factors
The survey then shows strong differences. We can draw attention in particular differences by geographic area. For example, the Atlantic provinces had 6.2% of BTC owners in 2021, while British Columbia had 19.6%.
As well as that, the gender gap is also very significant. Thus, while the figure studied was 19.3% for men, it was almost three times less for women with 7.2%. Age is also a disparity factor, which shows high concentration among 18-34 year oldsregardless of the year studied.
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Differences in investor behavior
Among Canadians who own Bitcoin, there is also significant differences in the reasons for this placement. For example, while investment is the main reason for short-term and long-term holders, the “secondary” reasons are more diverse.
In significant differences, lack of confidence in the traditional system therefore it is more important for long-term investors:
Figure 3: Reasons Canadians Buy Bitcoin
Regarding capital in BTC, the graph below shows that qualified long-term investors own median investment of C$2,000, compared to $250 for new entrants. In addition, we can note that 60% of the latter had less than 500 dollars at the time of the survey:
Figure 4: capital invested in BTC
Logically, the greater the capital invested, the more long-term investors we will find in the studied population.
Of course, the data from this study should be updated, since they relate to December 2021. And for good reason, since the bear market has done its work since then, it is a safe bet that the values of those results are much lower. However, this report has the merit of offering a lot of interesting information, which may to compare with data from other countries in the world.
👉 Also read – 8% of French people have already received cryptocurrencies – Summary of Adan/KPMG France study
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Source: Bank of Canada
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I tentatively discovered the blockchain world at the end of 2018 during my quest for financial freedom. At first invested moderately, it was only two years later that I made the mistake of betting everything on the movement that was taking shape at that time. I then dedicate 2021 to train myself better to gain more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I know, I want to share with you.
Vincent Mayor
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