This week, Bank of Canada researchers released the Central Bank’s Financial System Review, highlighting five key statistics related to bitcoin ownership in Canada. According to the Bank of Canada index, 13% of Canadians own bitcoin, a major crypto asset, and “most Canadians know bitcoin.”
The Bank of Canada’s Financial System Review highlighted bitcoin ownership among Canadians
On October 12, 2022, the Bank of Canada released its FinancialFinancial System Reviewhighlighting several key points related to the crypto asset ecosystem; discussing the crypto asset industry and market in general and specifically, written by Daniela Balutel, Walter Engert, Christopher Henry, Kim Huynh, and Marcel Voiablog postdescribed as “the most common incidents of large price corrections reported by crypto asset owners.”
In addition, five researchers add that “the percentage of Canadians owning bitcoin increased dramatically in 2021.” The percentage of Canadians who own bitcoin rose from 5% in 2018-20 to 13% in 2021.” The Bank of Canada blog post notes.” This increase followed a widespread increase in Canadians’ savings and wealth during the pandemic.”
Previous surveys and this year’s Financial System Review show that while most residents from Canada have heard of “Bitcoin,” their understanding of the term is split. Despite this fact, the Central Bank of Canada found that “40% of bitcoin owners in 2021 demonstrated a low level of bitcoin knowledge.” It stated.
the biggest reason for owningis holding BTC. investment instrument purposes among four reasons, including lack of trust in government, investment instruments, interest in new technology, and payment methods.
Additionally, in 2021, 25% of crypto owners reported losing money due to large price fluctuations, an 18% increase from 2019 9% had transaction problems, 11% had full access to their cryptocurrency wallet lost, and 7% reported crypto assets were stolen.
Another key indicator discovered by the Bank of Canada was the fact that most Canadian bitcoin owners held small fractions. The median value was less than C$500 in crypto, and 70% of Canadian bitcoin owners held less than C$5,000 in value.
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