Changing Cryptocurrency Ownership In Canada By 2022: Bank of Canada
Only 6% of cryptocurrency non-Bitcoin owners, according to the central bank, appear to be aware about the asset.
On Wednesday, the Bank of Canada released a study analyzing Canadian cryptocurrency ownership trends in 2017.
According to the Bitcoin Omnibus Survey, in 2022, 10% of the population would own bitcoin (cryptocurrency), down from 13% in 2017.
According to the cryptocurrency analysis, the fall in ownership was a result of Bitcoin’s steep price decline of more than 50% over the course of the year and greater regulatory attention following FTX’s collapse in November. Additionally, ownership of altcoins fell in 2022.
Nevertheless, ownership remained higher than the 8% level seen between 2018 and 2020.
About 90% of people have heard about Bitcoin in the last five years, although recent adopters were more inclined than early adopters to get involved for financial gain.
“Similar to the results from previous years, ownership remains the highest among men, those between the ages of 18 and 34, university-educated, and those with a household income above $70,000,” the report read.
According to the survey, people with “high financial literacy” looked to have left the market in 2022, whilst people with low financial literacy did not.
In contrast to the majority of investors, those with salaries under $30,000 had greater holdings in 2022 than in 2021.
The majority of Canadians still claim to know nothing about how Bitcoin functions. According to the bank’s methodology, 61% of non-Bitcoin owners had inadequate crypto literacy, compared to 30% of owners.
According to a Bank of Canada study released last year, investors with low and high levels of financial literacy were more inclined to purchase Bitcoin than those with medium financial literacy.
Officials from the Bank of Canada have already laughed off the notion that Bitcoin serves as a “inflation hedge,” as the country’s Conservative leader has said.
