Bank of Canada Releases Bitcoin Omnibus Survey (BTCOS) Data on Crypto Popularity
Canadian Bank Releases Data on Bitcoin Popularity
Bitcoin, along with hundreds of additional altcoins, experienced unprecedented growth in price in 2018. Spiking to over USD $20,000, the currency was covered at-length by media outlets all over the world. It is no secret, then, that millions would become interested in jumping into a growing and explosively bullish market.
But a study conducted by the official Bank of Canada found that the influence of explosive price increases and significant media coverage was even more exaggerated in Canada than many other places in the world. Specifically, the survey found that the amount of Canadians holding some Bitcoin doubled within Canada.
The survey is certainly not the first in this history of the country on the popular subject of cryptocurrencies. In 2016, the bank’s analysis showed a significant increase in interest. However, these numbers pale in comparison to the spike in interest in this most recent year. In 2016, the country only saw a minute increase of around 5% to the percentages of Canadians who had the currency and a jump in overall awareness of the coin of 20%.
However, this recent year has been the most significant to date for Bitcoin’s expansion into the growing economic country. The amount of people within Canada who own bitcoin more than doubled over the course of the last year. While this is likely attributable to a variety of factors, it is notable that the survey directly followed the Bitcoin price to over $20,000 per coin.
But the survey also reveals an increasing level of knowledge on the part of the average Canadian regarding the realities behind the Bitcoin craze. In particular, the study revealed that the amount of Canadians who were convinced that Bitcoin existed as a “government backed” currency fell by around 40 percent. This is important, because it means that Canadians are becoming more aware of the truth behind the hype surrounding Bitcoin.
A Bright Canadian Future
Canada has given the crypto community several reasons to be optimistic. For one, the country has remarked on its interest in allowing Initial Coin Offerings to operate within the country, even if it may require a revised regulatory framework.
But not all is bright for the future of the coin within the country to the north of the United States. Bitcoin, as well as most currencies, typically do the best when consumers continue to use the currency as if it was a legitimate fiat dollar. This is because the actions used by users contribute to more wide scale adoption of cryptos.
However, the survey showed that nearly half of the Canadians who own Bitcoin hold it only for investment purposes, but strictly refuse to use it for transactions. If the community is to flourish within Canada, it is important that consumers start to hold the currency not as an investment, but as a genuine way to gain access to products and services.
In any case, the increasing public awareness of and interest in Bitcoin within Canada is a hopeful sign.