In a study published this week, the Bank of Canada shows the behavior of Canadian investors vis-à-vis Bitcoin (BTC). Thus, 89% of the country’s citizens have already heard of it, while 13% have it in their wallet.
According to a survey, 13% of Canadians own Bitcoin
The Bank of Canada conducted a survey to understand the adoption of cryptocurrencies in the country. Thus, the results published this week show that 13% of Canadians owned Bitcoin (BTC) in 2021.
The data was collected through various surveys, totaling nearly 2,000 respondents. This report shows, moreover, the evolution of the behavior of the citizens of the country, according to years and social and demographic classes.
A 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 owned:
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 also shows this evolution of Bitcoin holders depending on more specific factors :
Figure 2: evolution of Bitcoin holders according to social demographic factors
The survey then shows strong disparities. We can highlight in particular differences according to geographical areas. For example, the Atlantic provinces had 6.2% of BTC owners in 2021, while British Columbia had 19.6%.
Furthermore, the gender gap is also very marked. 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, showing a 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 are also significant differences on the reasons for this placement. For example, while investment is the number one reason for short-term and long-term holders, the “secondary” reasons are more disparate.
In notable differences, lack of trust in the traditional system is therefore more important for long-term investors:
Figure 3: Reasons Canadians Buy Bitcoin
With regard to capital in BTC, the graph below shows that qualified long-term investors own a median investment of C$2,000, compared to $250 for new entrants. Moreover, 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 we will find long-term investors in the population studied.
Of course, the data from this study should be updated, given that they date from December 2021. And for good reason, the bear market having since done its work, it is a safe bet that the values of these results are much lower. Nevertheless, this report has the merit of offering a lot of interesting information, which could be compared with data from other countries in the world.
👉 Also read – 8% of French people have already acquired cryptocurrencies – Summary of the Adan/KPMG France study
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Source: Bank of Canada
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
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