BTC Ownership in Canada Rises Sharply in 2021, Bank of Canada Study Shows 13% of Canadians Own Bitcoin – Bitcoin News

This week researchers from the Bank of Canada revealed the central financial institution’s Financial System Review which highlights 5 key statistics tethered to Canadian bitcoin house owners. According to the Bank of Canada’s metrics, 13% of Canadians personal the main 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 revealed the monetary establishment’s Financial System Review, which highlights some key factors tied to the crypto asset ecosystem. A blog post particularly discussing the crypto asset trade and markets, in normal, 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 5 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 weblog publish notes. “This increase occurred following widespread increases in the savings and wealth of Canadians during the pandemic.”

BTC Ownership in Canada Rises Sharply in 2021, Bank of Canada Study Shows 13% of Canadians Own Bitcoin

While earlier research and this year’s Financial System Review exhibits most residents from Canada have heard the time period “bitcoin,” the extent of understanding is break up. Despite this reality, Canada’s central financial institution “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 greatest cause for proudly owning BTC, out of 4 totally different causes together with an absence of belief in authorities, an funding car, curiosity in new technology, and a cost methodology, was for funding car functions.

Additionally, in 2021, 25% of crypto house owners reported that they lost money because of giant worth fluctuations, which was up 18% since 2019. 9% have had transaction points, 11% lost full entry to their cryptocurrency pockets, and seven% reported that their crypto property have been stolen.

Another key metric the Bank of Canada found was the truth that most Canadian bitcoin house owners maintain small fractions. The median quantity was lower than CAD$500 price of crypto and 70% of Canadian bitcoin house owners held lower than CAD$5K price.

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Bank Canada Bitcoin, Bank of Canada, Bank of Canada analysis, CAD, Canada, canada central financial institution, Canadian bitcoin house owners, Canadian Dollar, Canadians, Central Bank, crypto asset ecosystem, crypto financial system, crypto trade, Financial System Review, funding, Investment car, lack of belief in authorities, proudly owning BTC, Price Fluctuations, Transaction Issues

What do you consider the Bank of Canada’s findings regarding Canadian bitcoin house owners in 2021? Let us know what you consider this topic in the feedback part under.

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Jamie Redman

Jamie Redman is the News Lead at News and a monetary tech journalist residing in Florida. Redman has been an energetic member of the cryptocurrency group since 2011. He has a ardour for Bitcoin, open-source code, and decentralized functions. Since September 2015, Redman has written greater than 6,000 articles for News concerning the disruptive protocols rising at this time.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Bank of Canada

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