Bank of Canada’s Research Shows Bitcoin Is Still Considered A Long-Term Investment

According to data from a newly published study done by the Bank of Canada, there was a significant increase in Canadian Bitcoin (BTC) ownership among individuals polled in 2021.

Researchers stated that although overall Canadian BTC ownership in the examined group more than quadrupled, spurred by new investors, purchasers mostly accessed digital currencies through exchanges using mobile and online interfaces.

Researchers believe that the pandemic-driven savings increase boosted Canadian investors’ engagement in the Bitcoin market, with seasonally adjusted household savings rising 27% from a 2.4% historical average between 2015 and 2019.

According to analysts, new owners, who primarily regard digital currency as an investment, prefer to keep tiny quantities, owing to price gains in the previous two years.

This viewpoint appears to be shared by both early adopters who purchased BTC before 2020 and newer purchases, with 63% of recent owners and 57% of long-term holders viewing Bitcoin as an investment instrument.

Researchers also discovered that the highest growth in BTC owners among those polled was in the income bracket of 70,000 CAD(approximately $50,388.00) or more, rising from 5% in 2020 to 17% in 2022.

Furthermore, ownership increased by 12% among respondents earning between 30,000 CAD and 69,900 CAD (approximately $21,600 to $50,380), up from 5% in 2020.

In terms of relative knowledge, Bitcoin remains a well-known phrase, with 90% of respondents saying they had heard of the digital currency, mirroring prior years’ results.

However, 40% of those polled had a basic understanding of how Bitcoin works, which is somewhat more than double the level of investor blockchain knowledge recorded in 2018. Furthermore, 66% of non-Bitcoin owners demonstrated a basic comprehension of the blockchain network.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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