New Data Reveals that Five Percent of Canadians Own BTC
It has been revealed through a new report from the BoC and OSC that cryptocurrencies are quickly being adopted more and more in the country. As per the report, the percentage of Canadians who own BTC has risen from 2.9% in 2016 to 5% last year.
It seems Canadians in the age range of 45 to 54 years old are the group with the biggest growth in BTC ownership over the period in question, which means a 4-fold increase from 0.9% to 3.5%. The report from the securities commission in Ontario also shows that 1 in 10 Canadians living in Ontario is now holding or previously held cryptos.
Breaking It Down
The BoC report further revealed that the gap between male and female BTC owners has significantly widened during the questioned period, in which female owners in the country stood still at 2% of the entire Canadian population while male owners doubled to 8.1% last year from the previous figure of 4.2% for 2016.
Moreover, BTC ownership was not just noticed in provinces with dense populations such as BC or Ontario, it has also significantly grown across the entire country, including provinces like Alberta, Manitoba, and Saskatchewan. It was also shown that holders of minor BTC amounts have increased much more than owners of BTC exceeding 10 coins.
Data from the OSC estimates that the number of residents in Ontario with crypto funds has reached 500,000 through the extrapolation of the sample residents to the entire population of Ontario. From that number, about 63% own BTC, 35% own ETH, 18% own LTC, and 13% own XRP. Impressively, the report determined from the respondents that when they first starting purchasing cryptos and to no surprise a huge percentage of them bought their very first ones at the end of 2017 or the beginning of this year.
As per the research, which took place in March of this year, 35% of all cryptocurrency holders have stated that they first began purchasing during the previous 3 months, while about 37% said they started buying cryptos at the end of last year. Only 27% claimed to have purchased their assets more than 1 year ago, which leaves 72% of all cryptocurrency holders in the Ontario province purchasing BTC for the first time less than a year ago. This analysis significantly showed how crypto is growing in one of the most populated places in Canada.
As the growth of cryptocurrencies continues in Canada, security organizations have been vigilant when facing new threats that might occur along with these new developments, as Canada has recently been referred to as a country that is more friendly to the concept of BTC than the United States. Canadian as well as American regulatory companies are working together on a cross-border project to target ICO or crypto fraud and scams.