As reported by the 2017 study conducted by Bank of Canada, many Canadians are fond of Bitcoin (BTC) to attain their investment goals.
This finding was an update to the Bitcoin Omnibus Survey led by Canada’s Central Bank for a short period from Dec. 12 to 15, 2017, several days earlier before Bitcoin achieved its all-time high of $20,000 on Dec. 17.
The 2017 survey results affirmed that Canadians’ main reason for engaging in cryptocurrency was for investment purposes instead of making transactions, which were previously reported why many were investing in Bitcoin the past year.
About 58% of the respondents cited BTC was “as an investment” while 12% of Canadians with BTC noted that they used the digital currency since their friends have their own BTCs. About 7% of them claimed they were interested to get involved in new technologies while 6% stressed that they used it when purchasing goods and services online.
For the non-transactors, they said they have used Bitcoin a few times but not regularly. The vast population of 77% said BTC is used as an investment.
The British Columbia respondents had the highest awareness regarding Bitcoin, which grew from 77% in 2016 to 93% a year later. The second in rank are those living in Prairies while Ontario is in third place, based on the study.
The Ontario Securities Commission (OSC), Canada’s provincial financial regulator, published a recent report that only 3% Ontarians have successfully finished a short test on Bitcoin’s fundamentals, while 34% showed an average understanding of the digital currency.
In June, James Chapman, Bank of Canada official, noted that cryptocurrencies provide no risks to the fiat money processes, saying the only potential threat is whenever there will be ‘hyperinflation.’