OTTOWA, Ontario, Canada—Bitcoin awareness and usage have increased significantly among Canadians over the course of a year, a newly-published survey by the country’s central bank has
revealed.
The Bitcoin Omnibus Survey (BTCOS) of 2,500 people was conducted in December 2017, when the Bitcoin price jumped to a record high of nearly $20,000. The Bank of Canada found that the number of people in Canada who held Bitcoin rose from 2.9% in late 2016, to 5% in late 2017 — representing a 72% year-on-year increase, stated Cryptovest in its analysis.
The survey also revealed a general uptick in awareness about the original crypto coin. Some 85% of people in Canada were aware of Bitcoin at the end of last year, up from 64% in late 2016. Furthermore, the results show a significant improvement in general understanding about Bitcoin with the proportion of Canadians believing Bitcoin is "government-backed" falling from 78% to 37%, noted Cryptovest.
The study also found that the main reason cited by survey participants for owning Bitcoin changed from transactional purposes in 2016 to investment purposes in 2017. Some 58% of people in Canada said they mainly hold Bitcoin in the hope the price will rise, up from 12% the year before. Fear of missing out also emerged as a crypto investment driver, with 12% of respondents stating that their primary reason for purchasing Bitcoin was that “My friends own Bitcoin,” Cryptovest said.