Bitcoin Cash

Litecoin

Bank AI

Bitcoin

<div class="sg-post-des">
 The biggest motivation for Canadians interested in Bitcoin is an investment — as showcased by the choice of over one-third of the 4,996 respondents in the Bank of Canada's 2022 survey. 
</div> 
<div class="cointelegraph"> 
 The Bank of Canada (BOC) reported a <a rel="noopener noreferrer nofollow" title="decline" href="https://thebittimes.com/tag/decline.html">decline</a> in the <a rel="noopener noreferrer nofollow" title="ownership" href="https://thebittimes.com/tag/ownership.html">ownership</a> of Bitcoin (BTC) and <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies in the country last year as neither market conditions nor <a rel="noopener noreferrer nofollow" title="regulations" href="https://thebittimes.com/tag/regulations.html">regulations</a> sided in the favor of Canadian <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> investors, according to a BOC study published last week. 
 The annual Bitcoin Omnibus Survey (BTCOS) conducted by the Canadian central bank showed a relapse from the massive crypto adoption witnessed in 2021. 
 <figure> 
 <img src="https://cdn.thebittimes.com/images/2023/08/04/111496982003871c02ed92b9c0bb6646.webp"> 
 <figcaption style="text-align: center;"> Bitcoin awareness and ownership in Canada, 2016 to 2022. Source: Bank of Canada 
 </figcaption> 
 </figure> 
 The above graph shows that — halfway into 2022 — Bitcoin ownership in Canada declined to 9% by August. Although BTC adoption saw a slight uptick to 10% by the end of the year. However, the drop in Bitcoin ownership does not imply that investors were spreading out their investments into other cryptocurrencies. The report read: 
 <blockquote>
 “Investors did not appear to shift out of Bitcoin and into other cryptoassets, as we observe decreased ownership of altcoins.” 
 </blockquote> 
 The biggest motivation for Canadians interested in Bitcoin is an investment — as showcased by the choice of over one-third of the 4,996 respondents in the BOC survey. 
 <figure> 
 <img src="https://cdn.thebittimes.com/images/2023/08/04/374e2b34c17f5322adc16f901806043a.webp"> 
 <figcaption style="text-align: center;"> Percentage of Canadians who own Bitcoin, 2016 to 2022. Source: Bank of Canada 
 </figcaption> 
 </figure> 
 Most Canadians acquired their crypto holdings through mobile and web apps. Bitcoin and crypto mining became the third-most-popular method of accumulating tokens for the second consecutive year. 
 When it comes to the altcoin ecosystem, Dogecoin (DOGE) was the most sought-after crypto investment considering the Elon Musk-induced hype and its history of randomly skyrocketing in price. Ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) were some of the other popular altcoins for Canadians. 
 Related: Parliamentary report recommends Canada recognize, strategize about blockchain industry 
 According to the BOC, the research is relevant for monitoring the two conditions that could warrant the issuance of an in-house central bank digital currency (CBDC): “if Canadians almost or do stop using cash, or if Canadians widely adopt&nbsp;and use private cryptocurrencies for payments.” 
 <blockquote class="twitter-tweet"> 
 Hey Canada, we need your input! Our public consultation on a potential #DigitalCanadianDollar is now LIVE. #HaveYourSay by June 19: https://t.co/p8BdG3tQ9h pic.twitter.com/vKRoBfAngu— Bank of Canada (@bankofcanada) May 8, 2023 
 </blockquote> 
 BOC highlighted that ecosystem collapses, along with regulatory hurdles and <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> depreciation contributed to the <a rel="noopener noreferrer nofollow" title="decline" href="https://thebittimes.com/tag/decline.html">decline</a> in <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="ownership" href="https://thebittimes.com/tag/ownership.html">ownership</a>. However, considering the government’s intent to provide regulatory clarity combined with a stable market, the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="ownership" href="https://thebittimes.com/tag/ownership.html">ownership</a> in the region is expected to pick up as well. 
 Magazine: Deposit risk: What do crypto exchanges really do with your money? 
 <template data-name="subscription_form" data-type="markets_outlook"></template> 
</div>

Canadian crypto ownership declined amid tight regulations, falling prices

TheBitTimes

Other articles published on Aug 4, 2023

Maker price prediction: MKR to retest $1,300, DigiToads presale bullish

DMC: Pioneering the Next Generation of Decentralized Storage with an Innovative Mining Ecosystem

How to Burn an NFT?

TrueUSD and Alchemy Pay Join Forces to Initiate Crypto Buyouts with Fiat Payments

Charles Hoskinson Dispels Rumors Of Being an Anti-XRP Conspirator

CRTO Stock Price Prediction: Will Criteo Q2 Affect Its Price?

Join our free newsletter for daily crypto updates!