Crypto ownership in Canada saw dramatic increase since 2016
The Bank of Canada conducted a survey last December to learn how deep cryptocurrencies have penetrated the consumer landscape. The survey, the 2017 Bitcoin Omnibus Survey, found that the number of Bitcoin (BTC) investors rose by a total of 72% from when the bank conducted similar research a little more than a year prior. While the jump certainly seems significant, breaking down the numbers provides the full picture.
In November 2016, the bank found that only 2.9% of Canadians had bought into BTC. A year later, this had risen to 5%. The penetration may seem small; however, given that the population of Canada is over 36.25 million, it is still a substantial overall percentage.
Given the meteoric climb seen in BTC's value last year, reaching as high as about $20,000 in December, it's not too surprising that the number of people stepping into the cryptocurrency space increased. The explosion saw adopters from all around the globe scrambling to get in on the cryptocurrency movement.
The survey also found that the reason for purchasing crypto had changed. In 2016, 39% of the crypto investors purchased digital currency for its original purpose - to be used as currency. However, by the end of last year, the paradigm had shifted and 58% of the survey respondents indicated that they were buying BTC as an investment store.
Peer pressure also attributed to the rise in adoption. 12% indicated that they bought cryptocurrency simply because their friends had purchased BTC.
Awareness of cryptocurrencies in the country has risen dramatically, as well. While only 64% of the population had heard of crypto in 2016, by last December, this number had grown to 85%.
If the Bank of Canada decided to repeat the survey at the end of this year, it could produce some interesting results. The seemingly endless bear market this year has left many with a deflated opinion of the power of crypto. However, the fact that numerous countries are currently implementing legislation that will regulate the space, many analysts expect investor confidence to resume, which should help to increase cryptocurrency's stance on the global stage and restore values to levels seen pre-2018.