According to the findings of a study recently published by the Bank of Canada, among Canadian respondents in the 2021 survey bitcoin ownership increased significantly.
While overall Canadian Bitcoin ownership in the surveyed group has more than doubled, driven by new investors, the researchers said buyers access digital currencies predominantly through exchanges on mobile and web interfaces.
“The Number of Bitcoin Investors Has Significantly Increased in Canada”
The researchers stated that the pandemic-induced increases in the savings of these investors probably contributed to the participation of Canadian investors in the Bitcoin market. In addition, it was announced that periodically adjusted household savings increased to 27% from the historical average of 2.4% between 2015 and 2019.
According to the researchers, new users who see digital currencies largely as an investment tend to hold small amounts, possibly due to price increases over the past two years.
This perspective has emerged as a common thread between early adopters and new buyers who bought BTC before 2020, with 63% of new users and 57% of long-term holders identifying BTC as an investment vehicle.
The Biggest Increase was Experienced in Upper Income Group Investors
The researchers also found that the largest increase in Bitcoin users among survey respondents was in the income group of 70,000 CAD (about 50,388 USD) or above, rising from 5% in 2020 to 17% in 2022.
In addition, among contributors earning between CAD 30,000 and $69,900 (approximately $21,600 to $50,380), ownership increased from 5% in 2020 to 12%.
From an awareness standpoint, Bitcoin remains a widely known term, with 90% of respondents saying they’ve heard of this digital currency, matching numbers from previous years.
However, 40% of those surveyed showed a low level of understanding of how Bitcoin works, compared to investor Blockchain and blockchain as measured in 2018. cryptocurrency Slightly more than twice the rate of knowledge.
*Not investment advice.
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