{"id":545826,"date":"2023-08-04T19:00:43","date_gmt":"2023-08-04T19:00:43","guid":{"rendered":"https:\/\/wncen.com\/?p=545826"},"modified":"2024-06-11T08:05:37","modified_gmt":"2024-06-11T08:05:37","slug":"canada-crypto-ownership-in-the-country-fell-in-2-years","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/canada-crypto-ownership-in-the-country-fell-in-2-years\/","title":{"rendered":"Bank Of Canada Study Shows Crypto Ownership In The Country Fell In The Last 2 Years"},"content":{"rendered":"

A recent <\/span>study<\/span><\/a> by the Bank of Canada (BoC) has shown a decline in the ownership of cryptocurrencies over the two years. The BoC has attributed this decline in crypto ownership to ecosystem collapses, regulatory hurdles, and price depreciation.<\/span><\/p>\n

Bitcoin\u2019s Decline Most Notable<\/h2>\n

According to the Bitcoin Omnibus Survey, Bitcoin\u2019s ownership across the country dipped to 10% at the end of last year. This decline has been attributed to various factors, including the significant drop from its all-time high due to the current market conditions, especially since Bitcoin\u2019s price crashed over 50% from its all-time high of $69,044.77 last year.\u00a0<\/span><\/p>\n

Related Reading: Will Binance\u2019s Zero-Fee Trading Help Bitcoin And Ethereum Prices<\/a><\/div>\n

The survey also cited FTX\u2019s unexpected collapse as contributing to the decline, as it prompted enhanced scrutiny from regulators while also creating doubts in the hearts of crypto investors.<\/span><\/p>\n

The decline in Bitcoin ownership wasn\u2019t a result of investors moving their money to other crypto assets given that altcoins also suffered a similar fate to Bitcoin, as ownership in these digital assets also experienced a downward trend last year.<\/span><\/p>\n

The report read:<\/span><\/p>\n

Investors did not appear to shift out of Bitcoin and into other cryptoassets, as we observe decreased ownership of altcoins.<\/span><\/p><\/blockquote>\n

There are some positives for Bitcoin and the crypto ecosystem, as Bitcoin\u2019s ownership is still higher than the 8% recorded between 2018 and 2020. Another silver lining is that many locals are aware of Bitcoin (meaning they could invest in it in the near future), as general awareness of the token has been at an impressive 90%.<\/span><\/p>\n

However, despite being aware of the term Bitcoin, many Canadians still don\u2019t understand how the cryptocurrency operates. According to the BoC’s research methodology, 61% of non-bitcoin owners showed low crypto literacy. Meanwhile, a meager 30% of Bitcoin owners exhibited high-level crypto literacy.\u00a0<\/span><\/p>\n

\"Crypto<\/p>\n

Market remains highly volatile | Source: Crypto Total Market Cap on Tradingview.com<\/a><\/pre>\n
Financial Literacy Doesn\u2019t Equate To Crypto Enthusiasm<\/h2>\n
Many would have predicted that persons with higher financial literacy would be more bullish on Bitcoin and other crypto assets. However, that isn\u2019t the case in Canada, according to the survey. Interestingly, respondents with a high financial literacy were the ones who were quick to exit the crypto market. In contrast, those with a lower financial literacy remained bullish despite the market conditions and regulatory concerns.\u00a0<\/span><\/p>\n
Related Reading: CRV Price Recovers From 6-Month Lows, What\u2019s Driving The Price?<\/a><\/div>\n
While these figures may not be so encouraging, there is enough reason to believe that the growing adoption of cryptocurrencies worldwide will impact the future of crypto ownership in the country as more locals gain crypto literacy.\u00a0<\/span><\/p>\n
Furthermore, efforts from the authorities to provide regulatory clarity could also help as it will boost investors\u2019 confidence in the country and consequently increase crypto ownership in the country.<\/span><\/p>\n
Featured image from iStock, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
A recent study by the Bank of Canada (BoC) has shown a decline in the ownership of cryptocurrencies over the two years. The BoC has attributed this decline in crypto ownership to ecosystem collapses, regulatory hurdles, and price depreciation. Bitcoin\u2019s Decline Most Notable According to the Bitcoin Omnibus Survey, Bitcoin\u2019s ownership across the country dipped to 10% at the end of last year. This decline has been attributed to various factors, including the significant drop from its all-time high due to the current market conditions, especially since Bitcoin\u2019s price crashed over 50% from its all-time high of $69,044.77 last year.\u00a0 Related Reading: Will Binance\u2019s Zero-Fee Trading Help Bitcoin And Ethereum Prices The survey also cited FTX\u2019s unexpected collapse as contributing to the decline, as it prompted enhanced scrutiny from regulators while also creating doubts in the hearts of crypto investors. The decline in Bitcoin ownership wasn\u2019t a result of investors moving their money to other crypto assets given that altcoins also suffered a similar fate to Bitcoin, as ownership in these digital assets also experienced a downward trend last year. The report read: Investors did not appear to shift out of Bitcoin and into other cryptoassets, as we observe decreased ownership of altcoins. There are some positives for Bitcoin and the crypto ecosystem, as Bitcoin\u2019s ownership is still higher than the 8% recorded between 2018 and 2020. Another silver lining is that many locals are aware of Bitcoin (meaning they could invest in it in the near future), as general awareness of the token has been at an impressive 90%. However, despite being aware of the term Bitcoin, many Canadians still don\u2019t understand how the cryptocurrency operates. According to the BoC’s research methodology, 61% of non-bitcoin owners showed low crypto literacy. Meanwhile, a meager 30% of Bitcoin owners exhibited high-level crypto literacy.\u00a0 Market remains highly volatile | Source: Crypto Total Market Cap on Tradingview.com Financial Literacy Doesn\u2019t Equate To Crypto Enthusiasm Many would have predicted that persons with higher financial literacy would be more bullish on Bitcoin and other crypto assets. However, that isn\u2019t the case in Canada, according to the survey. Interestingly, respondents with a high financial literacy were the ones who were quick to exit the crypto market. In contrast, those with a lower financial literacy remained bullish despite the market conditions and regulatory concerns.\u00a0 Related Reading: CRV Price Recovers From 6-Month Lows, What\u2019s Driving The Price? While these figures may not be so encouraging, there is enough reason to believe that the growing adoption of cryptocurrencies worldwide will impact the future of crypto ownership in the country as more locals gain crypto literacy.\u00a0 Furthermore, efforts from the authorities to provide regulatory clarity could also help as it will boost investors\u2019 confidence in the country and consequently increase crypto ownership in the country. Featured image from iStock, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":545841,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[8372,1054,1205,6664,15561,85323,1558],"class_list":["post-545826","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bank-of-canada","tag-boc","tag-canada","tag-crypto","tag-crypto-adoption","tag-crypto-investors","tag-cryptocurrency"],"acf":[],"yoast_head":"\nBank Of Canada Study Shows Crypto Ownership In The Country Fell In The Last 2 Years<\/title>\n<meta name=\"description\" content=\"A recent study by the Bank of Canada (BoC) has shown a decline in the ownership of crypto over the two years.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bank Of Canada Study Shows Crypto Ownership In The Country Fell In The Last 2 Years","url":"http:\/\/wncen.com\/news\/canada-crypto-ownership-in-the-country-fell-in-2-years\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/canada-crypto-ownership-in-the-country-fell-in-2-years\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1430765691.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1430765691.jpg?fit=1254%2C836"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bank of canada","boc","canada","crypto","crypto adoption","crypto investors","cryptocurrency"],"dateCreated":"2023-08-04T19:00:43Z","datePublished":"2023-08-04T19:00:43Z","dateModified":"2024-06-11T08:05:37Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bank Of Canada Study Shows Crypto Ownership In The Country Fell In The Last 2 Years\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/canada-crypto-ownership-in-the-country-fell-in-2-years\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/canada-crypto-ownership-in-the-country-fell-in-2-years\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/iStock-1430765691.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/iStock-1430765691.jpg?fit=1254%2C836\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bank of canada\",\"boc\",\"canada\",\"crypto\",\"crypto adoption\",\"crypto investors\",\"cryptocurrency\"],\"dateCreated\":\"2023-08-04T19:00:43Z\",\"datePublished\":\"2023-08-04T19:00:43Z\",\"dateModified\":\"2024-06-11T08:05:37Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1430765691.jpg?fit=1254%2C836","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/545826"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=545826"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/545826\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/545841"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=545826"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=545826"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=545826"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}