Bio

Christopher (Chris) is a Senior Economist and serves as lead for the consumer survey research program on the Currency Department’s Economic Research and Analysis team. Chris first joined the Bank as a Research Assistant in 2012, and recently rejoined in 2021 after completing his PhD in Economics. In his role, Chris contributes to the design, implementation, and analysis of a range of surveys that measure the use of cash and alternative methods of payment. He holds an PhD in Economics from Université Clermont Auvergne (France), and an MSc in Mathematics from McMaster University.


Staff analytical notes

Bitcoin Awareness and Usage in Canada: An Update

Staff Analytical Note 2018-23 Christopher Henry, Kim Huynh, Gradon Nicholls
The results of our 2017 Bitcoin Omnibus Survey (December 12 to 15, 2017) when compared with those from 2016 show that Bitcoin “awareness” increased from 64 to 85 per cent, while ownership increased from 2.9 to 5.0 per cent. Most Bitcoin purchasers are using the cryptocurrency as an investment and not as a means of payment for goods or services.

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Staff discussion papers

2023 Methods-of-Payment Survey Report: The Resilience of Cash

Staff Discussion Paper 2024-8 Christopher Henry, Matthew Shimoda, Doina Rusu
We present key results from the 2023 Methods-of-Payment Survey. Results show that measures of cash management and use have remained stable since 2020, and that Canadians increased their adoption of payment alternatives such as mobile apps in 2023.

2022 Methods-of-Payment Survey Report: Cash Use Over 13 Years

Staff Discussion Paper 2024-1 Christopher Henry, Doina Rusu, Matthew Shimoda
We present results from the 2022 Methods-of-Payment Survey, including updated payment shares based on a three-day shopping diary. We also assess various factors associated with long-term trends in cash use.

Unmet Payment Needs and a Central Bank Digital Currency

We discuss the payment habits of Canadians both in the current payment environment and in a hypothetical cashless environment.

Cryptoasset Ownership and Use in Canada: An Update for 2022

Staff Discussion Paper 2023-14 Daniela Balutel, Christopher Henry, Doina Rusu
We find that Bitcoin ownership declined from 13% in 2021 to 10% in 2022. This drop occurred against a background of steep price declines and an increasingly tight regulatory atmosphere.

2021 Methods-of-Payment Survey Report

Staff Discussion Paper 2022-23 Christopher Henry, Matthew Shimoda, Julia Zhu
We present results from the 2021 Methods-of-Payment Survey, including updated payment shares. We highlight long-term trends and provide additional context for results with respect to the COVID-19 pandemic.

2018 Bitcoin Omnibus Survey: Awareness and Usage

The Bank of Canada continues to use the Bitcoin Omnibus Survey (BTCOS) to monitor trends in Canadians’ awareness, ownership and use of Bitcoin. The most recent iteration was conducted in late 2018, following an 85 percent decline in the price of Bitcoin throughout the year.

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Staff working papers

The Role of Beliefs in Entering and Exiting the Bitcoin Market

We develop a model that links investors’ decisions to enter or exit the Bitcoin market with their beliefs about the survival of Bitcoin. Empirical testing using Canadian data reveals that beliefs strongly influence both entries and exits, and this impact varies with time and ownership status.

Private Digital Cryptoassets as Investment? Bitcoin Ownership and Use in Canada, 2016-2021

We report on the dynamics of Bitcoin awareness and ownership from 2016 to 2021, using the Bank of Canada's Bitcoin Omnibus Surveys (BTCOS). Our analysis also helps understand Bitcoin owners who adopted during the COVID-19 and how they differ from long-term owners. 

Cash in the Pocket, Cash in the Cloud: Cash Holdings of Bitcoin Owners

Staff Working Paper 2022-26 Daniela Balutel, Christopher Henry, Kim Huynh, Marcel Voia
We estimate the effect that owning Bitcoin has on the amount of cash held by Canadian consumers. Our results question the view that adopting certain new technologies, such as Bitcoin, leads to a decline in cash holdings.

Bitcoin Awareness and Usage in Canada

Staff Working Paper 2017-56 Christopher Henry, Kim Huynh, Gradon Nicholls
There has been tremendous discussion of Bitcoin, digital currencies and FinTech. However, there is limited empirical evidence of Bitcoin’s adoption and usage. We propose a methodology to collect a nationally representative sample using the Bitcoin Omnibus Survey (BTCOS) to track the ubiquity and usage of Bitcoin in Canada.

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Technical reports

2017 Methods-of-Payment Survey: Sample Calibration and Variance Estimation

Technical Report No. 114 Heng Chen, Marie-Hélène Felt, Christopher Henry
This technical report describes sampling, weighting and variance estimation for the Bank of Canada’s 2017 Methods-of-Payment Survey. Under quota sampling, a raking ratio method is implemented to generate weights with both post-stratification and nonparametric nonresponse weight adjustments.
Content Type(s): Staff research, Technical reports Topic(s): Econometric and statistical methods JEL Code(s): C, C8, C81, C83

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Bank publications

Financial System Hub articles

October 12, 2022

Five things we learned about Canadian Bitcoin owners in 2021

We present key findings from the 2021 Bitcoin Omnibus Survey on Canadians’ awareness and ownership of Bitcoin. Most Canadians have heard of Bitcoin, which remains primarily used as an investment. Ownership jumped in 2021, reflecting increased savings during the pandemic and greater availability of user-friendly platforms to buy Bitcoin.
Content Type(s): Publications, Financial System Hub articles JEL Code(s): C, C1, C12, E, E4, O, O5, O51

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