There Is An Increase In Awareness And Usage Of Bitcoin In Canada

6 years ago

There has been a significant increase in awareness and usage of Bitcoin (BTC) among Canadians. This is according to a report released by the country’s central bank. According to the survey, ownership of bitcoin in the country has more than doubled over the last one year. The Bank of Canada carried out the survey, dubbed Bitcoin [BTC] Omnibus Survey [BTCOS] so as to understand whether there was an increase in the adoption and usage of the currency.

Results of the survey

2,500 people participated in the Bitcoin Omnibus Survey which was conducted in December last year. At the time, Bitcoin had hit its highest price, trading at around $20,000. In the survey, the Bank of Canada found that 5% of the people in the country had bitcoin in 2017. This is an increased from 2.9% of the population who held bitcoin in 2016.

Additionally, according to the survey, there is a general increase in knowledge and awareness about Bitcoin. The survey shows that 85% of the people in the country had knowledge about the coin by the end of 2017. This is an increase from the 64% of the population who were aware of the coin at the end of 2016.

Investment in Bitcoin increase

According to the survey, there is an increase in the number of people who view bitcoin as an investment. In fact many cited this as the main reason for owning bitcoin. Initially, bitcoin was seen as an instrument of transaction. 58% of those interviewed said they own bitcoin because they believe prices will go up. In 2016, only 12% owned bitcoin with hopes of price increase.

Peer pressure and the Fear of Missing (FOMO) are also to major drivers of the adoption of bitcoin. 12% of the respondents said they own bitcoin because their friends own bitcoin.

However, bitcoin holding among Canadians is still very low as 32% of the respondents own less than 0.1 BTC and 34% have less than 0.05 BTC.

The Bank has justified its reasons for having keen interest in cryptocurrecies, indicating that it is only interested in exploring the effects it has to the economy and the financial system.