Bank of Canada Says More Canadians are Turning To Bitcoin Investment
Bitcoin is quickly spreading throughout Canada and many are utilizing the cryptocurrency in any way possible, however, The Bank of Canada (BoC) published a study that explains that the leading cryptocurrency is mainly being used as investment funds. In the report, it states that more awareness and adoption of Bitcoin is spreading among Canadians and thus more are purchasing the currency.
The report highlights four specific reasons as to why more local residents are purchasing Bitcoin. The reasons provided in the paper attribute the increased awareness and possession of Bitcoin as mainly for investment purposes, social acceptance and ownership, a new interest in emerging tech as well as shopping online for products and services by paying with BTC. Investment attributed to almost 60 percent.
Further study revealed that widespread awareness of Bitcoin has climbed since 2016, its previous percentage at 64 and increasing up to 85 percent last year. The BoC also published another study last year, revealing that Bitcoin possession among the populace consisted of around one million individuals. The figure has doubled since last year as more Canadians utilizing the currency to conduct transactions.
As the strongest and leading cryptocurrency of them, its popularity is mainly evident in younger audiences. The study revealed that Canadians between the age of 18 and 34 possess the most knowledge and ownership rate although BTC ownership has quadrupled between those of 45 to 54 years old. Bitcoin’s popularity remains at his highest among those college and university graduates and those with an income of $70K and above.
The report reveals that British Columbians are the leading figures in ownership and awareness among Canadians, which is a given after Vancouver was voted as one of the most Bitcoin-accepting cities globally.
As a possible result from crypto-mining and miners, Quebec saw a massive climb in awareness as well as Bitcoin possession. At the time of last year’s study, Bitcoin was at its highest peak of all-time, priced at almost $20000 on the market. Since reaching its peak in price, Bitcoin and other altcoins have consistently been a topic of debate regarding security in light of the large and numerous hacking attacks and asset theft.
Last month, BTC plummeted down to a new record low, breaking past the $6K support, however, it has seen a steady comeback and is now worth almost $7k in price. The BoC has revealed plans to publish an annual report to study how the leading coin impacts Canadian society and its financial system with a possibility of add other digital coins to its annual study.