Central Bank Survey: Canadian Crypto Awareness and Increasing Bitcoin User
A detailed survey of the awareness and use of Bitcoin and crypto assets by the Canadian Central Bank has delivered impressive growth despite the recent bear market. The research also provides good insights into what Canadians think about the crypto industry and what the future could mean for a cashless society.
Crypto growth in Canada
The Bank of Canada Bitcoin Omnibus Survey (BTCOS) has been conducted in recent years to identify trends in the awareness, ownership and use of Bitcoin and other cryptosystems by Canadians. The recently published detailed study has tracked the rise and fall of crypto markets and associated trends.
The central bank’s motive for conducting the survey was to understand how its use by Canadians could affect the financial system. The results also help the bank, which has kept its interest rates lately, in its decisions on transition to a cashless society and whether the Canadians are ready for it.
The results showed that the proportion of Canadians who know Bitcoin is between 2016 and 2018 % 70% has risen from 34%. This is not surprising, as it extended to all-time highs during the price hike to the all-time high.
The Crypto-Pump also increased the number of Canadians buying Bitcoin as it rose from 3% to 5% over the period, as speculation drove prices up. The demographic data were also not surprising as the owners of Bitcoin predominantly graduated from the age of 18 years ago. However, all demographic data showed an increase in awareness over the period as crypto assets hit the headlines.
Hodl over Canada
Despite the massive market downturn, the survey found that Bitcoin’s holdings 2018 continued to grow in the year. It added that 5 percent of Canadians 2018 owned Bitcoin, an increase of 4 percent over 2017.
This indicates that during the crypto-winter 2018 the Canadians covered themselves with cryptocurrencies. Interestingly, the BTC ownership of the 55 year olds tripled in the same period from 0.5 to 1.7 percent.
The disposable income also played an important role, as the household income quota is below those with an income above US $ increase.
The report states that the results in the US are similar. In the year 2017, the Federal Reserve Bank of New York’s Survey of Consumer Expectations found out that 85 Percent of respondents had heard of crypto assets while 5 percent were invested. In the UK, Bitcoin’s share was only 3% this year.
To summarize, crypto awareness in Canada has increased despite a massive market slump per year 2017. This bodes well for the future as these numbers are expected to increase even further with the start of a new bull phase.
Text Proof: newsbtc