Canada’s Central Bank’s Bitcoin Omnibus Survey (BTCOS) revealed that Bitcoin ownership in the nation surged to 13% in 2021.
The news came a few days after the International Monetary Fund cautioned about the threat of inflation in Canada.
The BTCOS was aimed at studying the statistics of Bitcoin adoption and awareness between 2016-2021. The Bank recently disclosed the findings of this report, and stated that Bitcoin witnessed a sharp increase in its adoption during this period.
The report stated that the increase can be attributed to the fact that many fintech firms began providing crypto investment products. This made cryptocurrencies more accessible to the common man.
The report noted,
“This increase occurred following widespread increases in the savings and wealth of Canadians during the pandemic.”
The survey revealed that over 90% of Canadians are aware of Bitcoin. In addition, the surge in Bitcoin ownership occurred mostly during late 2020-2021, with the Central Bank noting that most of them purchased Bitcoin due to investment reasons. Bitcoin enthusiasts reportedly relied on mobile apps instead of web exchanges to purchase it.
Moreover, most of the Bitcoin owners hold small amounts of Bitcoin, with the median amount being Can$500.
