all about cryptop referances
This week, Bank of Canada researchers published the central bank’s Financial System Review highlighting five key statistics related to Canadian bitcoin owners. According to Bank of Canada calculations, 13% of Canadians own the leading crypto-asset bitcoin, and “most Canadians are aware of bitcoin.”
On October 12, 2022, the Bank of Canada published the financial institution’s Financial System Review, which highlights some key points related to the crypto-asset ecosystem. A blog post specifically discussing the cryptoasset industry and markets in general, written by Daniela Balutel, Walter Engert, Christopher Henry, Kim Huynh and Marcel Voia explains that “major price corrections are the most common event reported by cryptoasset owners.”
Furthermore, the five researchers added that “Bitcoin ownership among Canadians increased sharply in 2021.” “The share of Canadians owning bitcoin rose from 5% in 2018-20 to 13% in 2021,” notes the Bank of Canada’s blog post. “This increase occurred after large increases in the savings and wealth of Canadians during the pandemic.”
While previous studies and this year’s Financial System Review show that most Canadian residents have heard the term “bitcoin”, the level of understanding is divided. Despite this fact, Canada’s central bank found that 40% of bitcoin owners in 2021 showed a low level of bitcoin knowledge, which is a higher percentage than in previous years.
The biggest reason to own BTC, out of four different reasons, including lack of trust in the government, an investment vehicle, interest in new technology and a payment method, was for investment vehicle purposes.
In addition, 25% of crypto owners in 2021 reported losing money due to large price swings, which was up 18% since 2019. 9% have experienced transaction issues, 11% completely lost access to their cryptocurrency wallet, and 7% reported that their crypto assets was stolen.
Another key value the Bank of Canada discovered was the fact that most Canadian bitcoin owners hold small fractions. The median amount was less than CAD$500 worth of crypto and 70% of Canadian bitcoin owners had less than CAD$5K worth.
What do you think of the Bank of Canada’s findings on Canadian bitcoin owners in 2021? Let us know what you think about this topic in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons, Bank of Canada
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