Bitcoin is preferred as a deposit of value in Canada

Bitcoin is preferred as a deposit of value in Canada

Bitcoin is preferred as a deposit of value in Canada

New data emerged that shows how Bitcoin adoption is increasing. This is confirmed by a new survey conducted by the Central Bank of Canada. In this country, unlike the United States, there is a positive attitude towards cryptocurrencies. The survey would have been conducted to measure the attitude of citizens towards Bitcoin.

Important discoveries around Bitcoin

The name of the survey was “2018 Bitcoin Omnibus Survey: Awareness and Usage” (BTCOS). It was used by the Central Bank of Canada to measure the level of knowledge, the number of owners and the general use that crypto assets have in the country.

The last time the country conducted a survey was in 2018, after the fall of Bitcoin prices. At that time, according to the report published in the survey, 5% of the people interviewed owned Bitcoin. With ages between 18 and 34 years. Of that percentage, 50% said they acquired them as an investment. All of the above represents an increase of 2%, in terms of ownership of Bitcoin, compared to 2016. In the knowledge segment, 89% of respondents said they had heard of Bitcoin.

According to the survey, 3% of Canadians have owned Bitcoin over the past year. This can be seen in the graph, in green color. However, perhaps due to the effect of the 2018 bear market, the survey reveals that Canadians have continued to buy Bitcoin. The amount has increased by at least 1% over the previous years (as shown in the graph).

 

bitcoin in canada survey
Source: https://www.bankofcanada.ca/wp-content/uploads/2019/11/sdp2019-10.pdf

In addition, the report reveals that the increase has occurred unevenly in the aforementioned demographic group (people between 18 and 34 years old). Only those who have a university education, with an annual income that exceeds USD 70,000, have increased their Bitcoin ownership in the last years.

Bitcoin as a store of value

The survey delves into other interesting details. For example, it reveals that at least half of the Bitcoin owners surveyed have additional crypto assets. In total, this would represent 3.2% of the Canadian population.

The most interesting discovery is that Bitcoin-owned Canadians use it as a store of value. This happens because they distrust traditional banking systems. Apparently, the adoption of bitcoin will only grow over time, if this trend continues.

About David Orth 47 Articles
David is an editor who loves Tech. When he comes across the latest smartphones, gadgets, films and series, his body temperature rises considerably. Whenever he is allowed to express this in front of a camera or behind a microphone, brace yourselves. David breathes tech!

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