Cryptocurrency survey: 13% of Canadians own Bitcoin (BTC)

In a study published this week, the Bank of Canada shows the behavior of Canadian investors vis-à-vis Bitcoin (BTC). Thus, 89% of the country’s citizens have already heard of it, while 13% have it in their wallets.

According to a survey, 13% of Canadians own Bitcoin

The Bank of Canada conducted a survey to understand the adoption of cryptocurrencies in the country. Thus, the results published this week show that 13% of Canadians owned Bitcoin (BTC) in 2021.

The data was collected through various surveys, totaling nearly 2,000 respondents. This report shows, moreover, the evolution of the behavior of the citizens of the country, according to years and social and demographic classes.

The first graph shows that between 2016 and 2021, we went from 62% to 89% of Canadians have heard of Bitcoin, and from 3.2% to 13.1% owned it:

Figure 1: Evolution of people who own and have heard of Bitcoin in Canada

These numbers are actually averages. However, the country’s central bank also shows this evolution of Bitcoin holders according to more precise factors:

Figure 2: evolution of Bitcoin holders according to social demographic factors

The survey then shows strong disparities. We can highlight in particular the differences depending on the geographical areas. For example, the Atlantic provinces had 6.2% of BTC owners in 2021, while British Columbia had 19.6%.

In addition, the gender gap is also very marked. Thus, while the figure studied was 19.3% for men, it was almost three times less for women at 7.2%. Age is also a factor of disparity, showing a high concentration among 18-34-year-olds, regardless of the year studied.

Differences in investor behavior

Among Canadians who own Bitcoin, there are also notable differences in the reasons for this investment. For example, while investment is the number one reason for short-term and long-term holders, the “secondary” reasons are more disparate.

Among the notable differences, the lack of confidence in the traditional system is, therefore, more important for long-term investors:

Figure 3: Why Canadians Buy Bitcoin

In terms of capital in BTC, the graph below shows that qualified long-term investors have a median investment of 2,000 Canadian dollars, compared to 250 dollars for new entrants. Moreover, we can note that 60% of the latter had less than 500 dollars at the time of the survey:

Figure 4: capital invested in BTC

Logically, the greater the capital invested, the more we will find long-term investors in the population studied.

Of course, the data from this study deserves to be updated, given that they date from December 2021. And for good reason, the bear market has since done its work, it is a safe bet that the values of these results are significantly lower. Nevertheless, this report has the merit of offering a lot of interesting information, which can be compared with data from other countries in the world.


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