How many Canadians know and own Bitcoin? That’s the question the Bank of Canada wanted to answer through a five-year study. The banking institution released a report examining the level of awareness and adoption of Bitcoin in the country from 2016 to 2021. Among other things, the report shows that more and more Canadians are turning to Bitcoin. Several factors have driven this attraction to the queen of cryptocurrencies.
90% of Canadians know about Bitcoin and 13% have BTC
The Bank of Canada has released a report examining the evolution of Bitcoin awareness and adoption in the country between 2016 and 2021. The report reveals that Bitcoin is increasingly known and owned by Canadians. Bitcoin awareness has increased from 62% in 2016 to nearly 90% in 2021.
In some regions, including British Columbia, Bitcoin awareness is as high as 95%. It should be noted that bitcoin awareness has grown strongly among certain categories. Among women, for example, Bitcoin awareness has increased from 54% in 2016 to 87% in 2021.
Beyond Bitcoin awareness, BTC adoption has grown in Canada. In 2016, only 3% of Canadians owned Bitcoin. By 2021, they were now 13% of Bitcoin holders in Canada. In some parts of the country, the adoption rate has even gone beyond the national average. In British Columbia, for example, nearly 20% of the population owns Bitcoin.
Profile of Bitcoin holders
The Bank of Canada report also provides insights into the profile of Bitcoin holders in the country. In particular, the report reveals that men, who are relatively young, educated and have high incomes, are more likely to own Bitcoin than other social categories.
In fact, men invest a lot in Bitcoin (19% in 2021) than women (7%) according to the Bank of Canada report. Nevertheless, interest in Bitcoin among women continues to grow.
Bitcoin holders are relatively young. In 2021, 26% of Canadians between the ages of 18 and 34 owned Bitcoin. This proportion drops to 15% by the 35-54 age group. It is important to remember that older people are becoming more interested in Bitcoin.
The report also reveals that interest in Bitcoin depends on education level. Indeed, university-educated investors represent 19% of holders. However, the proportion of Bitcoin owners among the less educated is increasing.
Finally, investment in Bitcoin depends on one’s income. Indeed, the report found that 17% of Canadians with a high annual income ($70,000 or more) invest in Bitcoin, while the share of middle-income earners (earning $30,000 to $69,900 per year) is 12%.
Why does Canadians love Bitcoin?
According to the Bank of Canada’s report, there are several factors behind the growing appeal of Bitcoin in the country. First, there is the sharp rise in household wealth. Indeed, Statistics Canada data shows that the rate of wealth jumped to 27% in 2020-2021, compared to a historical average of 2.4% in the 2015-2019 period. This increase in savings has been followed by investment in several sectors, including Bitcoin.
The COVID-19 pandemic has also been a driving factor in Bitcoin investment in Canada. Faced with a social and economic downturn due to anti-Covid measures, Canadians seem to have turned to Bitcoin. Indeed, the report indicates that more than half of Canadian Bitcoin holders invested for the first time during the COVID-19 pandemic (2020-2021).
Finally, Bitcoin investment in Canada has been boosted by the development of the country’s cryptocurrency sector. Indeed, financial technology companies have set up platforms from which Canadians can easily buy Bitcoin.
As revealed by the Bank of Canada, the adoption of crypto is on the rise in this country. Not only in Canada, but also in the United Arab Emirates, India, etc., the adoption of cryptocurrency is on the rise. It’s time to start getting involved in the crypto sector. Starting the sooner the better in this week when Bitcoin could be bullish.
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.