Bitcoin has recently become more of an investment rather than merely being a transaction for its users in Canada. The interesting turn of event was highlighted by the Bank of Canada in its ‘2017 Bitcoin Omnibus Survey (BTCOS)’. Coinsquare tweeted about it, stating: “Ownership of #Bitcoin nearly doubled in #Canada from 2016-2017. According to a #BankofCanada survey, in 2016 people bought for transactions. In 2017, they bought for investment.”
The change in Bitcoins’ status in Canada reflects that the country has gained more confidence to transact in Bitcoins and is seeing it as more of an investment opportunity. This has helped Bitcoin’s status climb up the stairs.
Bank of Canada explained the surge in Bitcoin
The Central Bank of Canada stated in its website: “This note provides an update of the results of the 2017 Bitcoin Omnibus Survey (BTCOS) conducted by the Bank of Canada from December 12 to 15, 2017. The BTCOS was previously conducted in November and December 2016 and the results were reported in Henry et al. (2017, forthcoming).
The 2017 survey took place in an interesting time, as Bitcoin prices were increasing and reached an all-time high on December 17, 2017. During this period, the level of awareness of Bitcoin increased from 64 per cent in the 2016 BTCOS to 85 per cent in the 2017 BTCOS, while ownership rose from 2.9 to 5.0 per cent, respectively.
The main reason cited by survey participants for owning Bitcoin changed from transactional purposes in 2016 to investment purposes in 2017. Further, only about half of Bitcoin owners were found to regularly use Bitcoin to buy goods or services or to send money to other people.”
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