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BoC: Bitcoin Ownership in Canada Jumped to 13% in 2021

Bank of Canada | Daniela Balutel, Walter Engert, Christopher Henry, Kim Huynh, Marcel Voia | Oct 12, 2022

Bitcoin ownership by year - BoC:  Bitcoin Ownership in Canada Jumped to 13% in 2021As mentioned in the Bank of Canada’s Financial System Review, cryptoasset markets have been growing rapidly in recent years and have become somewhat more integrated into the traditional financial system. The results of the 2021 Bitcoin Omnibus Survey provide a wealth of information on the extent to which Canadians are aware of, own and use Bitcoin. The survey results also provide some comparable information on alternative digital currencies. Here are five takeaways from this survey:

1. Bitcoin ownership among Canadians increased sharply in 2021:  The share of Canadians owning Bitcoin rose from 5% in 2018–20 to 13% in 2021

  • Bitcoin purchasers in 2020 and 2021 relied increasingly on mobile apps to buy their Bitcoin. Purchasers used mobile apps much more than web-based exchanges, mining or visiting a Bitcoin ATM.

See:  Bank of Canada Staff Paper: Bitcoin Adoption and Beliefs in Canada

2. Most Canadians are aware of Bitcoin - about 90% in 2021

3. Main reason in Bitcoin ownership is for Investment - followed by interest in new technologies

4. Most Bitcoin owners own small amounts - In 2021, the median amount of Bitcoin held was Can$500 worth, and 70% of Bitcoin owners held the equivalent of Can$5,000 or less.

5. Large price corrections are the most common incident reported by cryptoasset owners - In 2021, 25% of cryptoasset owners reported that their holdings had at some point lost significant value in a price crash

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NCFA Jan 2018 resize - BoC:  Bitcoin Ownership in Canada Jumped to 13% in 2021The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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