Canadian citizens used Bitcoin (BTC) primarily for investment purposes in 2017, according to a recent study by the Bank of Canada (BoC) published on July 23rd. The study is an update of the results of the Bitcoin Omnibus Survey conducted by the Central Bank of Canada in a short period between December 12th and 15th 2017, just days before Bitcoin (BTC) reached its record high of $20,000 on December 17th.
According to the survey results, Canadians have mainly used the leading cryptocurrency in the world for investment purposes in 2017, rather than for transactions, which had previously been cited as the main reason for dealing with Bitcoin (BTC) in 2016.
While 58 percent of respondents said the primary motivation was “like an investment,” 12 percent of Canadian Bitcoin (BTC) holders allegedly used BTC because “My friends own Bitcoin,” 7 percent because of their interest in new technologies, while 6 percent to buy goods and services on the Internet.
Among non-transactors, those who used Bitcoin (BTC) did that “once or twice, but not regularly,” while the vast majority of them, 77 percent, responded that they invested in Bitcoin (BTC).
Bitcoin (BTC) awareness increased among Canadian in 2017, in comparison to 2016
Residents of British Columbia presented the highest level of knowledge about Bitcoin (BTC), with reported growth from 77 percent in 2016 to 93 percent in 2017. The prairies ranked second in the Canadian provinces regarding BTC awareness, while Ontario residents came third.
Canada’s provincial financial regulator, the Ontario Securities Commission (OSC), had published a report in late June concluding that only three percent of Ontario residents had completed a brief test on the basics of Bitcoin (BTC), while 34 percent demonstrated common knowledge.
In early June, the Bank of Canada ‘s executive, James Chapman, said that cryptocurrencies pose no risk to the fiat money system, saying the only thing that can be a threat in a case of hyperinflation. Ontario in third place, according to the study.