Bank

Habits

Bitcoin

April

Divergence

<ul> 
 <li><strong>A new survey indicates that a majority of Canadians still favor cash for transactions.</strong></li> 
 <li><strong>Less than 3% of Canadians use cryptocurrencies like Bitcoin for payments.</strong></li> 
</ul>  
<h2 id="survey-insights-cash-over-crypto">Survey Insights: Cash Over Crypto</h2> 
<p>The Bank of Canada’s sixth report on payment methods, released on July 3, reveals that traditional payment methods, particularly cash, continue <a href="https://www.binance.com/en/square/post/2024-07-03-annual-survey-reveals-less-than-3-of-canadians-use-cryptocurrency-for-daily-payments-10292559294305">to dominate</a> the financial landscape in Canada. This survey, involving 4,000 participants, underscores the resilience of cash, noting that approximately 20% of all purchases in 2023 were made with physical currency. Despite the rise of digital and electronic alternatives, the foundational role of cash in everyday transactions remains unshaken.</p> 
<p>In comparison, electronic transfers saw significant growth, used by 58% of respondents in 2023, marking a 7% increase from the previous year. Similarly, the usage of PayPal’s e-wallet has expanded, reaching an acceptance rate of 35%. However, the adoption of cryptocurrencies such as Bitcoin remains minimal. Fewer than 3% of Canadians employed Bitcoin as a payment method, a stark contrast considering Canada’s robust infrastructure, including over 3,000 cryptocurrency ATMs—ranking second globally.</p> 
<h2 id="the-institutional-perspective-growing-crypto-confidence">The Institutional Perspective: Growing Crypto Confidence</h2> 
<p>While the Canadian public remains cautious about fully embracing cryptocurrencies, the nation’s financial institutions exhibit growing enthusiasm for these digital assets. According to a report by KPMG from April 2023, 39% of institutional investors in Canada held cryptocurrencies, up from 31% in 2021. This uptick reflects a burgeoning confidence bolstered by enhanced custodial services and a maturing cryptocurrency market.</p> 
<p>Furthermore, the introduction of Bitcoin ETFs in Canada has significantly facilitated institutional access to this digital currency, simplifying investments for traditional financial players and potentially setting the stage for broader acceptance.</p> 
<h2 id="divergence-in-financial-habits">Divergence in Financial Habits</h2> 
<p>The contrasting financial behaviors between individual Canadians and institutional investors may signal a forthcoming shift. As the cryptocurrency sector stabilizes and grows, the public’s perception and acceptance might gradually align with the burgeoning enthusiasm observed among financial institutions. This evolution could <a href="https://www.ethnews.com/bitcoin-market-update-relief-rally-prospects-and-key-metrics-leading-to-bullish-sentiment/">mark</a> a significant shift in the financial landscape, where digital assets become as commonplace as traditional money.</p> 
<p>The post <a href="https://www.ethnews.com/cash-remains-king-canadians-prefer-traditional-money-over-crypto-options/">Cash Remains King: Canadians Prefer Traditional Money Over Crypto Options</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.</p>

Cash Remains King: Canadians Prefer Traditional Money Over Crypto Options

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