Bank of Canada: Bitcoin Knowledge and Possession More Than Doubled

In recent years, possession and understanding of bitcoin (BTC) and other cryptocurrencies has grown rapidly. So loud, in fact, that governments may have started to worry a little. The Canadian Central Bank states that not only are there significantly more investors, but also that they understand more about the market.

Number of BTC Investors Growing in Canada

In a research report last week, the Bank of Canada concludes that a higher percentage of those surveyed own BTC. The sample seems to give a picture of the Canadian population in general, not just investors in the country. By 2021, the group of bitcoin investors in Canada has increased to 13%. In 2020 it was still only 5%.

According to the researchers, the majority of those surveyed see their bitcoin purchases as an investment. Yet they have often only invested small amounts, which, according to the institute, would be because prices have increased sharply in 2021.

Still, they were financially able to invest in the relatively risky assets – their financial situation was even better than average compared to previous years. As a result of the pandemic, Canadians’ piggy bank has increased by 27%, compared to 2.4% annually from 2015 to 2019.

Bitcoin holders also better educated

Investors also understand the market better now. 90% of those surveyed have heard of the digital currency, which is no change from previous years. What has changed is that 40% of those surveyed now have some idea of ​​how Bitcoin works. That is slightly more than twice as much as in 2018. Moreover, 66% of the respondents now also know a little about how the network works.

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aFinally, it is striking that 65% of new investors have never used the network to send BTC directly to other users. For comparison; ‘only’ 40% of the people who have been in the market for some time have done this.

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