The Bank of Canada released a stunning set of results in a new study on BTC on July 23rd . This new information by the central bank in Canada revealed that that an incredible 58% of Canadians now own Bitcoin. The majority of these utilized the kingpin cryptocurrency for the purpose of investment during 2017.

The central bank conducted this study as an update to the Bitcoin Omnibus Survey (BTCOS) results. They ran this from December 12th to December 15th of 2017. This represented the point immediately before BTC touched its historical high at $20,000 back on December 17th.

Canadians decided to utilize BTC for primarily investment purposes in year 2017, per the results of the survey. In the past, Canadians had primarily used the crypto king more for purchase transactions (during the year 2016).

The second and third reasons that Canadians chose BTC were surprising. Twelve percent of the crypto holders in Canada claimed they worked with Bitcoin because their friends own the world’s largest cryptocurrency. The third place reason, at seven percent, was that they utilize it thanks to their interest in cutting-edged technology. Only six percent of Canadians claimed to actually purchase goods and services with the crypto kingpin via the internet.

Users who do not deploy Bitcoin in purchases online had their own reasons. The 77% of occasional BTC users hold the crypto for mainly investment purposes.

Bitcoin awareness was highest among the Canadian citizens living in British Columbia where Vancouver is located. A fully 93% of residents in British Columbia reported an awareness of the king of cryptocurrencies. This grew from 77% to the near-saturation level in only a year. Surprisingly, Ontario, that hosts both Toronto and Canada’s capital Ottawa, only has the third highest provincial awareness of BTC.

Bank of Canada Finds No Risks from Bitcoin

Just last month in early June, Executive Director James Chapman of the central bank revealed their position on Bitcoin. He stated that cryptocurrencies like BTC do not pose any risks to the system of fiat money. According to Chapman, the cryptocurrencies only present a danger when hyperinflation rages.

 

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