A new survey carried out by the central bank of Canada into the crypto ownership, awareness and usage of Bitcoin and other assets by the central bank has revealed impressive growth despite the recent bear market. The research also offers a lot of good insights as to what the people in Canada think about the crypto industry overall.
Basically, most of the Canadians place their bets for the future on a cashless society. As the Bank of Canada Bitcoin Omnibus Survey (BTCOS) notes, the crypto ownership is increasing. The in-depth research dives into the details and follows the rise and fall of crypto markets and trends associated with it.
The motives for carrying out the survey were mainly to understand how its usage by Canadians could affect the financial system. Besides this, the findings helped the bank understand the general consciousness behind crypto and tweak its decisions on moving towards a cashless society – and whether the Canadians are ready for it.
In detail, the results featured in the cryptocurrency news on many websites show that between 2016 and 2018, the amount of Canadians who were aware of Bitcoin increased from 62% to 89%. This is very unsurprising, considering the fact that BTC was all over mainstream media when it shot to the highs of $20,000.
The crypto market pump definitely had a lot to do with the increased crypto ownership in Canada. The number rose from 3% to 5% during the period as speculation drove the prices higher. The demographics were also unsurprising as the people owning Bitcoin were largely university educated male people aged 18 to 34. All of the demographics showed an increase in the awareness over the period as crypto assets were making the headlines.
Along with the crypto ownership in Canada being on the rise, the Bitcoin ownership sees growth too. It managed to increase in 2018 and added that 5% of Canadians owned BTC in 2018 – an increase from 4% in 2017 and 3% in 2016, accordingly.
All of this indicates that Canadians are more and more aware about crypto. Interestingly, the BTC ownership tripled among people aged 55 and older, going from 0.5% to 1.7% in the period of three years (2016-2018).
As a last touch, the report notes that the findings were similar to the ones in the US, where the crypto ownership was at 5% and more than 85% of Americans in 2018 said that they were aware of crypto assets. BTC ownership in the US was only 3% that year.
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