This week researchers from the Bank of Canada published the central bank’s Financial System Review which highlights five key statistics tethered to Canadian bitcoin owners. According to the Bank of Canada’s metrics, 13% of Canadians own the leading crypto asset bitcoin, and “most Canadians are aware of bitcoin.”
Bank of Canada’s Financial System Review Highlights Bitcoin Ownership Among Canadians
On October 12, 2022, the Bank of Canada published the financial institution’s Financial System Review, which highlights some key points tied to the crypto asset ecosystem. A blog post specifically discussing the crypto asset industry and markets, in general, written by Daniela Balutel, Walter Engert, Christopher Henry, Kim Huynh, and Marcel Voia explains that “large price corrections are the most common incident reported by crypto asset 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,” the Bank of Canada’s blog post notes. “This increase occurred following widespread increases in the savings and wealth of Canadians during the pandemic.”
While previous studies and this year’s Financial System Review shows most residents from Canada have heard the term “bitcoin,” the level of understanding is split. 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 main reason to own Bitcoin was not for trust but government.
Also, 25% of crypto-owners reported losing money in 2021 due to high price swings. This was an 18% increase from 2019. 9 percent have experienced transaction problems; 11% lost full access to their crypto wallet and 7% said that their assets had been stolen.
The Bank of Canada also discovered that the majority of Canadian bitcoin users have small amounts. Canadian bitcoin users had a median value of less than CAD$500 and 70% held less than CAD$5K.
What do you think about the Bank of Canada’s findings concerning Canadian bitcoin owners in 2021? Please comment below on your views.
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