Bank of Canada study finds 58% of bitcoin owners hold it as an investment

July 24, 2018
Chris Wheal

A study published overnight by the Bank of Canada (BoC) found that nearly three-fifths of bitcoin owners held the cryptocurrency for investment purposes.

Bank of Canada reveals latest additions to its bitcoin holdings survey

The study was an update to the results of a survey conducted by the BoC in December 2017 – right at the heart of the bitcoin rally that pushed the cryptocurrency to its record high of $19,870.60 – and found that despite the massive run up in prices, the volume of daily transactions rose by just 32%.

Financial system risk

The BoC explained its reasons for the survey: “The Bank of Canada‚Äôs interest in Bitcoin is to understand whether its adoption and usage by Canadians could affect the financial system.”

Awareness in bitcoin rose to 85% from 64% in a previous survey in 2016, while ownership rose from 2.9% to 5%. Of these owners, 58% declared that they held the token as an investment.

Previously respondents had mainly held bitcoin for transactional purposes and an interest in new technology.

The gender gap in bitcoin ownership increased in favour of men, nearly doubling to 8.1% from 4.2%. Ownership among women held at 2%.

 

Courtesy of Bank of Canada

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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