With the trend in Crypto trading, more people are starting to hold it around the world. Bitcoin has a dominant position in the world of Cryptocurrency. This shows that this coin has great demand in the mainstream market. Also, due to its different real-life uses, more users are interested in adopting BTC.
Now, according to many reports, more than 13% of Canadian users hold BTC. This rate was around 5% from 2018 through 2020. Many reports are carried out to calculate the increase in holders of BTC in Canada. The estimates for preference of Cryptocurrencies among the users of Canada.
Preference For Digital Assets
The Bank of Canada is releasing data on this aspect. This step is taken by the authorities to understand the preference of their citizens for digital assets. Also, it is a part of a review of the financial system. This new review reflects that last year the rate of preference for BTC was 21%. And, this rate for the period of two consecutive years 2018-2020 was a mere 5%.
The bank says that the major cause of this rise is the increase in savings or wealth during the period of a pandemic. More Canadians developed the habit of maintaining savings during this period. After this observation, the FinTech firms of Canada are offering investment options for Cryptocurrency.
Along with other traditional assets, these firms will now offer options for Cryptocurrency investments. Before this report, these firms were offering investment options for only traditional assets. With this advantage, Canadian citizens will now have access to more investment ranges. Also, they can get access to knowledge and ideas about Crypto trading and the market as a whole.
This entire situation is a positive sign for the Crypto industry. With more users than before, this market will flourish in the nation. Also, it will be easier for Crypto enthusiasts to get a wider range of firms where they can invest in digital currencies.
Increase In Cryptocurrency Adoption
Since 2016, the Bank of Canada has been conducting research to find out the situation of Bitcoin in the nation. They aim to find out the mindset of Canadian people, investors in particular, about Bitcoin.
BTC, which is the king of the Crypto market, holds a special position to date. It is the first choice of every investor. Regardless of being a beginner or a professional trader, BTC is a prime choice for every investor. In a survey carried out last year in Canada, it was reflected that despite the ongoing pandemic, BTC’s popularity never faded. The token remains popular in the same manner as it was before.
The interesting part is that the popularity of BTC has increased over the last two years. And, more Canadians now hold BTC over other digital currencies. The survey also includes many different aspects along with some questions. It includes questions about the level of BTC knowledge among the Crypto holders in Canada.
To learn more about the preferences, the survey conducts polls as well. The questions ranged from different statements like if BTC is regulated by the Government. Which, 40% of the citizens gave the correct answer during last year’s survey. This rate is higher than earlier surveys’ results. Also, around 66% of the population who does not hold any Cryptocurrencies, showed a minimum level of understanding of the functioning of this market.
But, another aspect that this survey reflects is that the citizens have very little knowledge of this market. Also, the holders of Cryptocurrencies do not have an exact idea of how this market functions.
Conclusion
The number of BTC holders in Canada are increasing over time. This is a good indication of the growth of the Crypto market in the nation. Despite this growth, the citizens have little knowledge of this market. Even after holding Bitcoin, many Canadian investors lack expertise in the market.
Despite these aspects, the reports reflect that more users will be holding Bitcoin by 2024. And, the surveys and analysts need to follow this pattern to carry on their research. If you are new to Crypto trading and investments, then you must check the Bitcoin trading platform, to check bitcoin better than cash It is a secure and trusted platform on which millions of investors rely!