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Bank of canada Study Finds 58% of Canadians Own BTC for Investment functions

Bank of canada Study Finds 58% of Canadians Own BTC for Investment functions

Bank of canada Study Finds 58% of Canadians Own BTC for Investment functions
Bank of canada Study Finds 58% of Canadians Own BTC for Investment functions

Canadian voters used Bitcoin (BTC) primarily for investment functions in 2017, in keeping with a study by the Bank of North American country (BoC) revealed Gregorian calendar month twenty three.

The study is associate degree update to the results of the Bitcoin Omnibus Survey (BTCOS) conducted by Canada’s financial institution at intervals a brief amount between December twelve to fifteen, 2017, a couple of days before Bitcoin reached its uncomparable high of twenty,000 on December seventeen.

According to the survey results, Canadians have primarily used the most important cryptocurrency for investment functions in 2017, instead of for transactions, that antecedently had been cited because the main reason for managing Bitcoin in 2016.

While fifty eight % of respondents claimed that the driving motivation was “as associate degree investment,” twelve % of Canadian Bitcoin holders reportedly use BTC as a result of “My friends own Bitcoin,” seven % because of associate degree interest in new technologies, and half dozen % for getting product and services on the web.

Among non-transactors, those that used Bitcoin “once or double, however not on an everyday basis,” the overwhelming majority — seventy seven % — responded they hold BTC as associate degree investment.


Main Reasons for Bitcoin ownership in Canada. Source Bank of Canada
Bank of canada Study Finds 58% of Canadians Own BTC for Investment functions

The voters of Canadian province report the best level of awareness of Bitcoin, with a rumored growth from seventy seven % in 2016 to ninety three in 2017. Prairies is stratified second in Canadian provinces in terms of BTC awareness, with Ontario in third place, in keeping with the study.


Canada’s provincial monetary regulator, the Ontario Securities Commission (OSC), had revealed a report at the top of Gregorian calendar month finding that solely 3 % of Ontarians have with success completed a brief check on Bitcoin’s basics, whereas thirty four % incontestible average information.

Earlier in Gregorian calendar month, Bank of North American country govt James Chapman claimed that cryptocurrencies create no risks to the folding money system, stating that the sole is a threat in a very case of “hyperinflation.”


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