The Bank of Canada, which is the country’s central bank, published a research on the dynamics of Bitcoin knowledge and ownership from 2016 to 2021 using its Bitcoin Omnibus Surveys. On October 12, the Bank of Canada highlighted five results from the analysis.
The first result is that the percentage of Canadians who possess Bitcoin increased from 5% in 2018-20 to 13% in 2021. Simultaneously, a number of fintech firms started selling cryptocurrencies alongside conventional investment options, giving customers more places to acquire Bitcoin. Mobile app purchases of Bitcoin far outpaced those made via traditional channels like online exchanges, mining, or even Bitcoin ATMs.
In 2021, about the same percentage of Canadians as in previous years had heard of Bitcoin. They discovered that in 2021, a much larger proportion than in previous years, 40% of Bitcoin owners had a poor degree of Bitcoin awareness. Sixty-six percent of non-owners of Bitcoin in Canada have also shown a lack of familiarity with the underlying mechanisms of this cryptocurrency.
Respondents were asked when they made their first purchase of Bitcoin or another cryptocurrency. Around half of all Bitcoin owners in 2021 were newcomers who bought their first coins in 2020 or 2021.
Seventy percent of Bitcoin holders in 2021 had less than $5,000 worth of Bitcoin, and the median amount they had was $500 Canadian dollars. Long-term Bitcoin holders are in a better financial position than those who bought in more recently because to the large price increase that happened in 2020.
Finally, The chart below shows that 25% of 2021 cryptoasset owners have experienced a major loss in value due to a market fall, up from 18% in 2019. Owners of cryptoassets also experience other challenges, such as wallet access loss (11%), problems with cryptocurrency transactions (9%), and stolen monies (7%).
