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A report from the Bank of Canada reveals the nature of those who own Bitcoin!

 

A report from the Bank of Canada reveals the nature of those who own Bitcoin!

A new report from the Bank of Canada has revealed some interesting facts about the state of Bitcoin ownership across the country.


The report found that about 13% of Canadians owned Bitcoin in 2021, and the report showed that investors with average financial knowledge are the least likely to buy.

Why do Canadians buy bitcoin?

The Central Bank of Canada survey showed that Bitcoin ownership numbers in 2021 were more than double that of Bitcoin ownership between 2018 and 2020.

The increase was largely driven by the broader availability of products that can be purchased with bitcoin, along with broad increases in Canadian savings during the pandemic.

Meanwhile, about 90% of Canadians are aware of the existence of Bitcoin.

This broad awareness mimics the results of last year's Grayscale survey, which found that 99% of US investors know Bitcoin.

While going back to Canadians, 40% of the survey participants who own bitcoin showed a relatively low level of knowledge about the nature of bitcoin such as claiming that bitcoin is backed by the government.

This number was higher than in previous years when the percentage was usually less than 30%.

The timing of investors buying bitcoin influenced their motivation to do so.

Buyers after 2019 were more likely to be interested in bitcoin as a new technology, while long-term owners were more attracted to it due to their lack of trust in the government or the adoption of bitcoin as a payment method.

Of course, the long-term holders of the coin have benefited more strongly from the rise in Bitcoin prices in 2021 than the new holders.

Perhaps not surprisingly, most bitcoin holders were not whales.

The average bitcoin holder owns C$500 worth of the asset, while 70% hold less than C$5,000 worth.

Are Bitcoin Investors Smart?

Financial literacy has proven that someone buying bitcoin is a strong indicator of knowledge, but not as one might expect.

In 2021, Canadians with low financial literacy owned 15.6% of bitcoin, according to the aforementioned report.

A similar number is also found among educated investors, where the ratio is 14.7%.

In previous years, low-knowledge investors were the most common holders of Bitcoin.

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