Bank of Canada Study: 58% of Citizens Invested in Bitcoin are Hodling

Bank of Canada Study: 58% of Citizens Invested in Bitcoin are Hodling

A survey conducted by the Bank of Canada indicates that 58% of the Canadian citizens that own Bitcoin do so for investment purposes. The study was published on 23 July, based on Bitcoin practices in 2017.

The Bitcoin Omnibus Survey (BTCOS) was also conducted in 2016. At the time, it found the primary use of Bitcoin by Canadians as online transactions, indicating a changing trend.

Following the 58% of participants that responded they used Bitcoin predominantly as an investment tool, 12% claimed they purchased Bitcoin because their friends were also involved with the cryptocurrency. While this may not appear the most informed reason for entering the market, it does show the power of word of mouth at this time of Bitcoin’s relative infancy as information continues to spread on an international scale.

Some 7% answered they had chosen to invest due to an interest in new technologies, most likely in reference to blockchain which is currently expanding into all manner of industries including banking security and even NASA’s deep space travel. Using Bitcoin for purchasing goods and services online fell to just 6%, heavily emphasizing Bitcoin’s changing use cases with new investors.

The Canadian province of British Columbia boasts the highest percentage of Bitcoin-aware citizens in the country, growing from 77% in 2016 to 93% last year. The BTCOS lists Prairies just behind British Columbia, followed by Ontario in third place.

Canada is also quickly becoming an appealing country for blockchain companies, benefiting from low energy costs, high-speed internet, and internal regulation. It is of course also the home of Ethereum, with Vitalik Buterin based in Toronto. The Blockchain Research Institute also located in Toronto has invested in over 70 research projects, including working with the Bank of Canada to build a nationwide blockchain system.

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Image Courtesy: Pixabay

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