Canadians Like Bitcoin More as a Store of Value

Canadians Like Bitcoin More as a Store of Value

While the Bitcoin and crypto market in the US remains unregulated and uncertain, it is worth remembering that many other countries have a more positive and friendly stance towards these nascent and fledgling technologies. Canada, for example, seems to be much more friendly towards BTC, which is why the country’s Central Bank decided to conduct another survey and potentially conclude the citizens’ attitude towards digital currencies.

Interesting demographic survey from the Canadian central bank on Bitcoin ownership from 2016 to 2018.

— nic carter (@nic__carter) November 6, 2019

The report published by the Bank of Canada is named “2018 Bitcoin Omnibus Survey: Awareness and Usage,” and it made several key findings. One of the most notable discoveries is that around 5% of Canadians owned Bitcoin in 2018, which is a 2% increase from the situation in 2016. Meanwhile, it is also estimated that around 3% of Canadians were past Bitcoin owners.

Key finding: 5% of Canadians own bitcoin, marching steadily upwards (assuming the survey methodology holds up)

— nic carter (@nic__carter) November 6, 2019

Those who admitted to owning Bitcoin were even asked about the amount of BTC they own. The majority (87%) of them admitted to owning less than 1 BTC. Around 9% stated that they have between 1 BTC and 10 BTC, while the rest stated that they own over 10 BTC.

They even asked respondents about how many BTC they hold. Take these answers with a grain of salt

— nic carter (@nic__carter) November 6, 2019

However, while BTC owners are still a minority in Canada, it turns out that the situation is much better in terms of awareness. The survey concluded that around 89% of Canadians know what Bitcoin is. Most of those familiar with the cryptocurrency are men between the ages of 18 and 34, although other age groups are following close behind.

Bitcoin awareness in Canada is virtually universal at this point, across all sorts of demographic segments

— nic carter (@nic__carter) November 6, 2019


Women and children are also well into the cryptocurrency trend, making Bitcoin awareness in Canada quite high. However, the report also specifies that educated males between the ages of 18 and 34 really like BTC a lot, particularly those who make $70k+ per year.

Finally, perhaps the most interesting part of the survey includes information on why Canadians are so interested in Bitcoin. Their reasons have changed over the years, with the main reason for ownership in 2016 being related to payment capabilities.

Interesting answers on why users choose to own bitcoin

— nic carter (@nic__carter) November 6, 2019

The situation in 2018, however, changed significantly, and most now see Bitcoin as a store of value. In other words, Canadians believe that the benchmark crypto is a great long-term investment option. Meanwhile, their enthusiasm regarding BTC payments has dropped to the same level of trust/privacy-related reasons, and they also seem to be less interested in the technological aspect of the crypto market than they used to be.

What do you think about the results of this survey? Do you share the views of Canadians regarding Bitcoin? Leave a comment below. 

Images via Bitcoinist Media Library, Twitter: @nic_carter

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