In this paper, we examine trends in Canadian ownership of Bitcoin and other cryptocurrencies from 2016 to 2020 using data from surveys conducted by the Bank of Canada.
Staff discussion papers
Staff working papers
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.
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.
Using an economic model as well as survey data from the Bank of Canada, we study what factors influence the adoption of Bitcoin in Canada.
Financial System Hub articles
October 12, 2022 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.