Crypto Investor Research Indicates 5% of Canadians Own Bitcoin as User Adoption Grows

Crypto Investor Research Indicates 5% of Canadians Own Bitcoin as User Adoption Grows

According to several reports, 5% of Canadians own Bitcoin.

In July, it was estimated that 500,000 people living in Ontario held digital currencies. This estimate was derived from the results of a research conducted by the Investor Office of the Ontario Securities Commission. The study involved 2,500 participants living in the city.

As per the CEO of Bylls, Francis Pouliot, several surveys have indicated that Bitcoin ownership in Canada ranges from 3% to 5%. In a post on his Twitter account, Pouliot stated that different studies carried out by the Ontario Securities Commission and the Central Bank of Canada have shown that Bitcoin adoption is growing in the North American country. He went on to urge people to forget FUD (fear, uncertainty and Doubt) regarding the world’s first cryptocurrency.

One of the surveys alluded to by Pouliot indicated that Bitcoin awareness had grown by 21% between 2016 and 2017. This particular research was conducted by the Central Bank of Canada. Overall, most of the participants said that they owned Bitcoin as an investment tool. This represented a change from 2016 when most holders owned the crypto for transactional reasons.

Global Adoption

The trend observed in Canada is consistent in other parts of the world. Earlier this year, a survey done by Wells Fargo revealed that 2% of investors in the US own Bitcoin. Regarding the reasons for investment, a story overseen by the Bithumb crypto exchange outlined that 43% of Bitcoin investors plan to HODL onto the digital asset for the long-term.

In Germany, a research by the German Consumer Payment indicated that 44% of locals are aware of Bitcoin. Likewise in Japan, a questionnaire survey on virtual currencies indicated that the 14% of the younger people in the country’s working population are investing in crypto assets. Also, Japan recently permitted the crypto space to regulate itself through the Japan Virtual Currency Exchange Association.

The adoption of Bitcoin is evidently increasing throughout the globe. Recently, the Crown Prince of Liechtenstein stated that he is willing to invest in the digital currency. Also, Yale University advised that every portfolio should have at least 6% worth of Bitcoin investment.