According to a study by the Bank of Canada, Canadian citizens utilised Bitcoin (BTC) majorly for investment purposes in 2017. The study is an upgrade to the Bitcoin Omnibus Survey (BTCOS) which was conducted by Canada’s Central bank in December 2017. This was just before when Bitcoin reached its all-time high of $20,000 on December 17.
The survey results show that Bitcoin has been used for investment purposes rather than for transactions. The results varied from 2016 when transactions were the main reason for dealings in Bitcoin.58% of respondents agreed that the driving force was an investment. 12% used Bitcoin citing their friends also owned Bitcoin. Whereas, 6% used it to purchase goods and services on the Internet. The majority-77% reported to holding BTC as an investment.
The highest level of awareness was seen in British Columbian residents. The growth has significantly risen from 77% to 93% in 2017. Prairies is a close second in Canadian provinces regarding BTC awareness. Ontario ranks third, according to the study.
The study conducted by the Ontario Securities Commission (OSC) reported that only 3% Ontarians successfully completed a short test on Bitcoin’s basics;34% demonstrated average knowledge.
James Chapman, Bank of Canada Executive, asserted in early June, that cryptocurrencies posed no risk to the fiat money system, the only plausible threat is “ hyperinflation”.