In recent years, Bitcoin has captured global attention as a groundbreaking digital currency, sparking widespread discussion about the future of finance and payments. Despite the buzz, actual adoption remains relatively low—especially in countries like Canada, where public awareness far exceeds ownership. A comprehensive 2017 study conducted by the Bank of Canada through the Bitcoin Omnibus Survey (BTCOS) sheds light on this gap, offering valuable insights into who knows about Bitcoin, who owns it, and why so few are using it despite its popularity in the media.
This article explores the key findings from that research, breaking down demographic patterns, ownership motivations, and barriers to adoption—all while maintaining SEO best practices and reader engagement.
Key Findings at a Glance
The BTCOS surveyed nearly 2,000 Canadians across two waves in late 2016. The results revealed:
- 64% of Canadians had heard of Bitcoin, indicating broad awareness.
- Only 2.9% reported owning Bitcoin, highlighting a significant adoption gap.
- Awareness is highest among men, university-educated individuals, and residents of British Columbia.
- Ownership skews toward younger adults (ages 18–34) and those with high school education.
- Quebec showed the lowest awareness but the highest ownership rate.
These findings suggest that while Bitcoin has entered mainstream conversation, it has not yet become a mainstream financial tool.
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Demographics of Bitcoin Awareness
Who Knows About Bitcoin?
Bitcoin awareness in Canada is strongly influenced by age, gender, education, and region.
Age and Gender
Men are significantly more likely than women to be aware of Bitcoin—75% of men vs. 54% of women. This gender gap persists across all age groups. The most informed cohort is adults aged 25 to 34, with 71% awareness.
Education and Income
Higher education correlates with greater awareness:
- 75% of university graduates know about Bitcoin.
- 59% of college attendees.
- 50% of those with only high school education.
Interestingly, household income shows a weaker correlation. While those earning over $100,000 are more aware (72%), even lower-income groups show moderate recognition.
Regional Differences
British Columbia leads in awareness at 78%, followed closely by Ontario and the Prairies. Quebec lags significantly at under 50%, with a stark gender divide: 63% of men vs. 35% of women aware.
Labour Force Status
Surprisingly, unemployed individuals (73%) show the highest awareness—higher than employed (67%) or retired (63%) respondents. This may reflect greater time spent online or interest in alternative financial systems during job transitions.
Who Owns Bitcoin in Canada?
Despite high awareness, ownership remains niche. Just 2.9% of Canadians own Bitcoin—a figure consistent with U.S. data from the same period.
Age and Gender Trends
Ownership is concentrated among younger users:
- 8.6% of 25–34-year-olds own Bitcoin.
- 5.9% of 18–24-year-olds.
- Ownership drops sharply after age 35.
Gender disparity persists: 4.2% of men own Bitcoin versus 1.8% of women.
Education Paradox
Unlike awareness, Bitcoin ownership is negatively correlated with higher education. Those with only a high school diploma are more likely to own Bitcoin than college or university graduates—a reversal worth noting.
Regional Anomaly: Quebec’s High Adoption
Quebec stands out: despite having the lowest awareness, it reports the highest ownership rate at 4.2%. This suggests localized factors—such as early access to exchanges or community-driven adoption—are driving usage independently of general knowledge.
Understanding Bitcoin Knowledge Levels
To assess whether lack of understanding contributes to low ownership, the BTCOS introduced a five-question true/false test on core Bitcoin features:
- Transactions occur without a third party (True)
- Total supply is fixed (True)
- Transactions are recorded on a public ledger (True)
- Backed by government like national currencies (False)
- Transactions are instantaneous (False)
Key Insights:
- Bitcoin owners answered more correctly overall.
- However, many failed basic questions—especially about government backing.
- Non-owners performed better on one false statement (Q4), possibly due to clearer interpretation.
- A composite knowledge score showed owners scored higher on average, but reliability (Cronbach’s alpha = 0.104) was poor—indicating the need for better-designed assessment tools.
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Why Do People Own—or Not Own—Bitcoin?
Reasons for Ownership
Among owners:
- 29% cited interest in new technology as their main reason.
- 14% use it for physical purchases, 7% for online shopping.
- 12% view it as an investment.
- Only 7% mentioned anonymity or fraud prevention.
- A small group owns Bitcoin due to distrust in banks or government.
High holders (>1 BTC) emphasize transactional use and anonymity more than small holders.
Barriers to Adoption
For non-owners who are aware:
- 60% say current payment methods work fine or they don’t understand the tech.
- 7% cite limited merchant acceptance.
- 6% find it hard to acquire or use.
- Only 3% cite price volatility as a primary concern.
Security and regulatory concerns affect 21% combined, citing distrust in private currencies, fear of cyber theft, or lack of oversight.
How Much Bitcoin Do Canadians Hold?
Among owners:
- 32% hold ≤ 0.1 BTC (under $100 CAD at the time).
- 27% hold 0.1–1 BTC.
- 32% hold 1.1–10 BTC.
- Only 8% hold over 10 BTC.
Median holding: approximately 0.54 BTC, valued around $550 CAD in late 2016.
This distribution suggests most owners hold small amounts—consistent with experimentation rather than serious investment.
Transactional vs. Store-of-Value Motives
Low Transactional Use
Only 21% of owners use Bitcoin for retail purchases—limited by minimal merchant adoption (just 1% of Canadian merchants accept it). Few Bitcoin ATMs (only ~205 in 2017) further restrict cash access.
Demographic profiles differ sharply from users of contactless or mobile payments:
- Less educated users adopt Bitcoin; more educated adopt mainstream digital payments.
- Income positively affects mobile/contactless use but not Bitcoin.
This suggests Bitcoin is not competing directly with modern payment innovations.
Store-of-Value and Speculation
Bitcoin appeals to younger, tech-savvy males as an alternative store of value:
- High Bitcoin holders (over 1 BTC) are predominantly male (70%) and aged 18–34 (70%).
- In contrast, high cash holders are older and evenly split by gender.
- Google Trends analysis shows a positive correlation (0.23) between search interest and BTC/CAD exchange rate growth—indicating speculative behavior.
The Canada Revenue Agency’s recognition of Bitcoin capital gains reinforces its role as an investment asset.
Frequently Asked Questions (FAQ)
Q: What percentage of Canadians own Bitcoin?
A: According to the 2017 BTCOS survey, 2.9% of Canadians owned Bitcoin, with higher rates among young adults and in Quebec.
Q: Why is awareness so high but ownership so low?
A: Many Canadians are familiar with Bitcoin due to media coverage but avoid owning it due to lack of understanding, limited usability, or preference for existing payment methods.
Q: Is Bitcoin mainly used for buying things?
A: No—only about 21% of owners use it for purchases. Most hold it as an investment or out of curiosity about new technology.
Q: Who is most likely to own Bitcoin?
A: Younger males (ages 18–34), particularly those with high school education and residing in Quebec, are more likely to own Bitcoin despite lower overall awareness there.
Q: Does education affect Bitcoin ownership?
A: Yes—but inversely. While higher education increases awareness, it decreases ownership. University graduates are less likely to own Bitcoin than those with only high school diplomas.
Q: Could future surveys improve accuracy?
A: Absolutely. The study recommends using respondent-driven sampling (RDS) to better reach digital currency users and refine knowledge assessments for more reliable data.
Final Thoughts: Early Days for Canadian Crypto Adoption
Bitcoin remains in the early stages of adoption in Canada. While awareness is widespread, actual usage is limited by usability challenges, low merchant acceptance, and knowledge gaps. Ownership is driven more by curiosity and speculation than practical transactional needs.
Still, the growing interest—especially among younger demographics—signals potential for future expansion. As financial literacy improves and infrastructure develops, Bitcoin could evolve from a niche asset to a more integrated part of Canada’s digital economy.
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