• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

Central Bank Survey: Canadian Crypto Awareness and Ownership Increasing

Martin Young by Martin Young
3 years ago
in Cryptocurrency news
Reading Time: 2 mins read
Advertisement

A lengthy survey into the awareness and usage of Bitcoin and crypto assets by Canada’s central bank has revealed impressive growth despite the recent bear market. The research also offers good insights as to what Canadian’s think of the crypto industry and what the future may hold for a cashless society.

Crypto Growth in Canada

The Bank of Canada Bitcoin Omnibus Survey (BTCOS) has been carried out over the past few years to ascertain trends in Canadians’ awareness, ownership and use of Bitcoin and other crypto assets. The in-depth research, which has recently been published, has followed the rise and fall of crypto markets and trends associated with it.

The central bank’s motives for carrying out the survey were to understand how its usage by Canadians could affect the financial system. The findings also help the bank, which has maintained its rates recently, with decisions on moving towards a cashless society and whether Canadians are ready for it yet.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The results found that between 2016 and 2018 the share of Canadians who were aware of Bitcoin increased from 62% to 89%. This is unsurprising since it was all over mainstream media during the surge in prices up to all-time high.

The crypto market pump also increased the number of Canadians buying Bitcoin as this rose from 3% to 5% during the period as speculation drove prices higher. The demographics were also unsurprising as those owning Bitcoin were largely university educated males aged 18 to 34. All demographics however showed an increase in awareness over the period as crypto assets made the headlines.

Hodl On Canada

Despite the massive bear market the survey revealed that Bitcoin ownership continued to increase in 2018. It added that 5 percent of Canadians owned Bitcoin in 2018, an increase from 4 percent in 2017 and 3 percent in 2016.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

This indicates that Canadians, like their counterparts across the globe were accumulating during the crypto winter of 2018. Interestingly BTC ownership tripled among those aged 55 and older from 0.5 to 1.7 percent during the same period.

Disposable income also played a big part as ownership fell from 4.3 to 2.8 percent among those with household incomes below $30,000 while it increased from 4.3 to 7.0 percent among those with incomes above $70,000. This created an ownership gap that did not exist in previous years.

The report stated that its findings were similar to those in the US. In 2018 the Federal Reserve Bank of New York’s Survey of Consumer Expectations found that 85 percent of respondents had heard of crypto assets, while 5 percent owned them. In the UK however Bitcoin ownership was only 3% that year.

The research also noted that in 2017 the primary reason for owning Bitcoin was speculation while the following year BTC owners reported using it more often for buying goods and services or making person-to-person transfers.

So, in conclusion, crypto awareness and ownership in Canada has increase despite a massive market collapse in 2018. This bodes well for the future as those figures are likely to grow even more as a new bull phase begins.

Image from Shutterstock
Tags: bank of CanadacanadacanadiansCentral Bankcrypto survey
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Martin Young

Martin Young

Martin is a Southeast Asia based info-tech, cyber security, and cryptocurrency analyst with 20 years working in web technology and media.

Related Posts

ethereum

Ethereum Profitability Dumps To 2-Year Low As Price Corrects Below $2,000

4 hours ago
CloneX and Murakami promotional image

Blue Chip NFTs 101 – What’s The Secret Behind CloneX? Built For The Metaverse

14 hours ago
The Nightly Mint: Daily NFT Recap

The Nightly Mint: Daily NFT Recap

15 hours ago
XRP whales

XRP Whales Boost Accumulation Appetite, Register 2-Month Peak Holding Supply

17 hours ago
KuCoin Exchange Report Shows Growing Crypto Adoption In The US

KuCoin Exchange Report Shows Growing Crypto Adoption In The US

17 hours ago
Bitcoin

Bitcoin Is Consolidating But Is A Rally Near?

20 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Introducing Zenith.Finance, a dark-horse lending protocol crypto players should notice recently

May 27, 2022

An introduction to Capricorn.Finance

May 27, 2022

The Web3 community platform Mojor launched the alpha version

May 27, 2022

LBank Exchange Will List Value Interlocking Exchange Coin (VIC) on May 30, 2022

May 27, 2022

LBank Exchange Will List TEAK COIN (TEAK) on May 30, 2022

May 27, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.