Bitcoin Ownership Among Canadians In 2021
Post last updated: October 28, 2023
The Bank of Canada has been studying Bitcoin since 2016 using surveys. The 2021 Bitcoin Omnibus Survey provides primarily information about awareness, ownership and usage of Bitcoins among Canadians.
Five Takeaways from the 2021 Bitcoin Omnibus Survey
Sharp increase of Bitcoin ownership in 2021
Ownership of Bitcoin has seen a steep rise in 2021 after keeping under 5% between 2018 and 2020. The report also uncovered that
Purchasers used mobile apps much more than web-based exchanges, mining or visiting a Bitcoin ATM.
About 90% of Canadians are aware of Bitcoin
Yet the survey in 2021 found that 40% of Bitcoin owners poses a low-level of understanding of how the asset works. This was also true for 66% of those who did not own Bitcoin.
Purchases were largely driven by investment reasons
Half of all owners in 2021 purchased Bitcoin in 2020 or 2021.
These recent owners are even more likely than earlier adopters to view Bitcoin as an investment vehicle.
Most Canadian Bitcoin owners hold small amounts
In 2021, the median amount of Bitcoin held was Can$500 worth, and 70% of Bitcoin owners held the equivalent of Can$5,000 or less.
Long-term owners benefited from the 2020 significant price increase and their holdings are accordingly higher in value.
Significant loss of value reported as the most common incident
25% crypto asset owners reported significant value lost due to large price correction, 11% reported losing access to their wallet, 9% encountered a problem with a transaction and 7% lost their funds as a result of theft.
