5 percent of Canadians Own Bitcoin. Data from a survey conducted by the Bank of Canada and the Ontario Securities Commission has revealed this. The bitcoin adoption and general crypto awareness in Canada are growing steadily and exponentially.
Bylls’ (Canada’s first and largest Bitcoin payments processor) CEO Francis Pouliot concluded that numerous studies determine that between 3 and 5 percent of all Canadians own bitcoin, reasoning that adoption is real, and urging others to do the same.
Recently the Bank of Canada published a report entitled: “Bitcoin Awareness and Usage in Canada: An Update,” which reports the Central Bank’s recent findings regarding Bitcoin.
5 percent of Canadians Own Bitcoin. The report makes use of a survey poll conducted between December 12th to December 15th last year. Thus, capturing all the significant developments related to Bitcoin and its usage in Canada.
The report found that growth in Bitcoin ownership grew in the 18-to-24 age group. However, this was already one of the main users of Bitcoin in 2016. Ownership among women remained around 2%, while the ownership doubled among men from 4.2% to 8.1%
Interestingly, the 45-to-54 age group observed the greatest growth in ownership increasing from 0.9% to 3.5%. Similarly, an OSC report shows that about 1 in 10 Ontarians either currently hold or used to hold crypto assets.
Source: Bank of Canada
Level of Bitcoin awareness
The report stated the “level of awareness in the Canadian population rose 21 percentage points from 2016 to 2017, from 64 to 85 percent.” This increase in awareness was observed across all demographics and provinces in Canada, with Quebec seeing the largest increase in awareness, rising from 49% to 77%.
Half of the respondents that owned Bitcoin said they do not use the digital currency to pay for goods and services. Nither they use it to send money to others “at least once per year”. Of this amount, half, 58% said they own Bitcoin as an investment. This is important information for researchers at The Bank of Canada. As not only they have the interest to know who and how many people own Bitcoin, but also why.