A notable surge in Canadian bitcoin ownership occurred among those surveyed in 2021, based on findings from recently published research conducted by the Bank of Canada.
Pandemic-driven increases in savings likely contributed to the involvement of Canadian investors in the bitcoin market, said researchers, with seasonally adjusted household savings up 27% from a 2.4% historic average between 2015 and 2019.
New owners, who largely see digital currency as an investment according to researchers, tend to hold small amounts, likely due to price increases in the last two years. This point of view appeared to be a common thread between earlier adopters, who bought bitcoin before 2020, and newer buyers, with 63% percent of recent owners and 57% of long-term holders identifying bitcoin as an investment vehicle.
Researchers also found that the greatest increase of bitcoin owners among those surveyed was in the income group of $70,000 CAD (roughly $50,388.00 USD) or more, up from 5% in 2020 to 17% in 2022. In addition there was a 12% increase in ownership among respondents who earned between $30,000 and $69,900 CAD (roughly $21,600 to $50,380 USD), up from 5% in 2020.
In terms of relative awareness, Bitcoin remains a commonly known term, and 90% of respondents said they had heard of the digital currency, matching figures from previous years. However, among those surveyed, 40% of respondents exhibited a low-level understanding of how bitcoin functions, a little over double that of investor blockchain knowledge measured in 2018.
In addition, 66% of respondents who did not own any bitcoin also showed a basic understanding of the blockchain network.