According to the Bank of Canada’s metrics, 13% of Canadians own the leading crypto asset bitcoin and “most Canadians are aware of bitcoin.”
specifically discussing the crypto asset industry and markets, in general, written by Daniela Balutel, Walter Engert, Christopher Henry, Kim Huynh, and Marcel Voia explains that “large price corrections are the most common incident reported by crypto asset owners.”
Furthermore, the five researchers added that “bitcoin ownership among Canadians increased sharply in 2021.” “The share of Canadians owning bitcoin rose from 5% in 2018–20 to 13% in 2021,” the Bank of Canada’s blog post notes. “This increase occurred following widespread increases in the savings and wealth of Canadians during the pandemic.”
While previous studies and this year’s Financial System Review shows most residents from Canada have heard the term “bitcoin,” the level of understanding is split. Despite this fact, Canada’s central bank “found that 40% of bitcoin owners in 2021 showed a low level of bitcoin knowledge, which is a higher percentage than in previous years.
Additionally, in 2021, 25% of crypto owners reported that they lost money due to large price fluctuations, which was up 18% since 2019. 9% have had transaction issues, 11% lost complete access to their cryptocurrency wallet, and 7% reported that their crypto assets were stolen. Another key metric the Bank of Canada discovered was the fact that most Canadian bitcoin owners hold small fractions. The median amount was less than CAD$500 worth of crypto and 70% of Canadian bitcoin owners held less than CAD$5K worth.
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