Thread by @Crypto_Mags

A new @bankofcanada report on Bitcoin ownership dropped

Highlights 🧵👇🏽
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13% of Canadians owned #Bitcoin in 2021
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#Bitcoin ownership rose sharply in 2021 due to
- higher savings & wealth during the pandemic
- more platforms & accessible/easy options to buy Bitcoin

(not to rub it in again my US friends, but we do have multiple Bitcoin & crypto ETFs in Canada)
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I also suspect NGU technology brought in the class of 2021: we had the 2020 risk off event that dropped Bitcoin to 4k & it subsequently rose to a 69k (nice) ATH in 2021
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Over half of all Canadian #Bitcoin owners invested in Bitcoin for the first time during the 20/21 pandemic

Investment reasons have largely driven the recent surge in #Bitcoin ownership for Canadians, esp for the class of 2020 & 2021
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There are a few notable differences between recent investors (ie Class of 2020 & 2021) & longer-term hodlers
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70% of Bitcoin owners held <$5000

But recent owners hold smaller amounts: CA$250 vs $2000 median value for recent vs longer term owners

(NB the value of Bitcoin holdings is higher for Bitcoiners that bought before 2020 b/c they benefited from the run-up in prices in 2020)
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Recent owners are less likely to use use #Bitcoin for purchases than longer-term owners (55% vs 29%)

They're also less likely to use BTC for p2p tx (65% vs 40%)

(Unsurprising given: they're less knowledgeable, the rise of ETFs, & some platforms didn't allow withdrawals)
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Bitcoin businesses take note: mobile apps leads how Canadians buy #Bitcoin (53%)

It's so beautiful to see that 23% of Canadian bitcoiners mine as a way to stack sats
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Longer-term Bitcoin owners are more likely to mine, use BTMs, & conduct p2p deals to acquire sats (perhaps they value privacy more than recent investors)
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This is interesting...

Canadian #Bitcoin owners hold substantially higher amounts of cash than non-owners

And longer-term Bitcoin investors tend to hold more cash than recent investors

Have hodlers cashed out? Are they timing the market?
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Canadians have seen their share of lost keys, ICO scams, problems w/ transactions, stolen funds, exchange hacks, & data breaches by 2021

But large price corrections are the most common adverse "incident" reported by Bitcoin / crypto owners (we all suffer the bear🐻)
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89% of Canadians have heard of Bitcoin in 2021 - BC leads & Quebec lags

Notably, Bitcoin awareness among women increased
the most, from 54% in 2016 to 87% in 2021 🔥
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Oof, class of 2021 showed a showed a low level of Bitcoin knowledge vs prev years - e.g., they thought that Bitcoin is backed by a gov

Unsurprisingly nocoiners also had a low level of understanding how Bitcoin works
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The @bankofcanada found 16% of Canadians owned at least one crypto (i.e., #Bitcoin or an altcoin)

10% owned both Bitcoin & alts, & 6% owned alts exclusively

Politicians take note: an anti-crypto stance could alienate 16% of your voter base! And likely more in 2022 #canpoli
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The most popular altcoin was Ether, owned by around 7% of Canadians

Dogecoin (the Elon effect?) & Bitcoin Cash (really??) were next at 4%
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The Bank of Canada observes higher ownership of altcoins for long-term crypto holders. Recent owners are more likely to buy Bitcoin 😎

I suspect awareness & Bitcoin name recognition plays into this
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Canadian #Bitcoin owners in 2021 were more likely to be: male, aged 18 to 34 years old, with a university degree or high income (no surprises here)

BC leads Canada for ownership (west coast, best coast!)

BUT...
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👀 Canadian Bitcoin ownership:
high & low financial literacy > midwit

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It's amazing to get annual Bitcoin ownership stats from the @bankofcanada & their research scope is growing

Such studies can help policy makers make better policy & businesses can use it to inform products & services. I'd love other countries do the same w/ more participants
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The full study on Canadian #Bitcoin ownership can be found here: bankofcanada.ca/wp-content/upl…
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