Bitcoin Ownership Rises 73% In Canada According To Bank Of Canada Survey

According to the report recently released by the Bank of Canada, the percentage of Canadians who hold Bitcoin increased by 73% in 2017, climbing from 2.9% to 5.0% of the surveyed population.

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According to the report recently released by the Bank of Canada, the percentage of Canadians who hold Bitcoin increased by 73% in 2017, climbing from 2.9% to 5.0% of the surveyed population.

While the price of Bitcoin (BTC) was surging through the roof towards the end of 2017, it was only natural that the news about the “new” digital asset reached more ears than ever before.

The market capitalization was on its way to reach the astronomical $800 billion fueled by many new investors who wanted to try out their luck in holding and trading cryptocurrencies.

Bitcoin is the pivotal point for cryptocurrency trading as, besides the fact that it was the first, it is the only digital asset paired with all altcoins across the exchanges, and therefore, despite its shortcomings, still is the number one cryptocurrency in the market.

Crypto adoption is growing across Canada

According to the report recently released by The Bank of Canada, the percentage of Canadians who hold Bitcoin almost doubled during 2017, as it went from 2.9% to 5.0%.

The same document, named Bitcoin Awareness and Usage in Canada: An Update also states that among the age groups, citizens between 45 and 54 years old recorded the highest growth as their Bitcoin ownership jumped from 0.9% to 3.5%.

Meanwhile, Ontario Securities Commission (OSC) published the information that one in ten Canadians owns or used to own Bitcoin.

Interestingly, while Bitcoin ownership among Canadians grew, the percentage of female Bitcoin holders in 2017 remained at 2%, which is the same as in 2016, while men’s Bitcoin holding population grew from 4.2% to 8.1% in the same timeframe.

Bank of Canada also reports that not only did Bitcoin ownership grow in large cities and heavily populated areas but also in smaller provinces of the country.

Out of all Canada’s Bitcoin holders, the percentage of those holding less than 1 BTC has grown by 10%, and now counts 69% of the total, while the number of people holding more than 10 BTC grew by only 2%, and now equals 10% of the total number of holders.

It is interesting to notice that while the price of Bitcoin was reaching its all-time high of $19,898 (almost $25,000 CAD), the number of those holding between 1 and 10 bitcoin decreased by 11% to now hit 21% of all Canadian that own Bitcoin.

Out of the estimated 500,000 cryptocurrency owners in the province of Ontario, OSC reports that 63% own Bitcoin (BTC), 35% hold Ether (ETH), 18% Litecoin (LTC), 17%  Bitcoin Cash (BCH), while 13% are declared as holders of Ripple (XRP).

FOMO drove crypto investment in late 2017

It is also interesting to heed the impact of FOMO (Fear of Missing Out) on investors which is best reflected in the fact revealed by the OSC that the majority of these investors acquired their first cryptocurrency during the bull-run at the end of 2017, or at the beginning of 2018.

According to the OSC’s survey, which was in March 2018, 35% of Ontario’s cryptocurrency owners purchased their first cryptocurrency during the previous three months (January to March).

Further, 37% answered that they first acquired a cryptocurrency within the past year, while only 27% declared that they had made a purchase more than a year ago. This data shows that 72% of investors entered the world of crypto during the past year, which speaks for itself about the rising adoption of cryptocurrencies in Canada’s most populated province.

While Canada is relatively more crypto-friendly than its southern neighbor, both Canadian and the US government don’t have a thoroughly devised cryptocurrency regulation wireframe, and clear regulations are the foundations for the wider adoption.

Connected to the unclear regulations is the OSC’s conclusion that cryptocurrency owners mostly aren’t sure where to file a complaint or who regulates initial coin offerings.

Ontarians are obviously aware of crypto assets, declares the OSC, but less familiar with the details about the Canadian crypto market and its regulators.

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