Canada’s number of bitcoin holders tripled in 2021

The share of citizens owning the first cryptocurrency has reached 13% of the country’s population

11.06.2022 - 11:10

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1 min

What’s new? The Bank of Canada has released a report noting the increased number of citizens owning bitcoins. In 2021, the figure almost tripled to 13% of the country’s total population. A year earlier, this figure was only 5%. The average volume of BTC accumulated is 500 Canadian dollars ($393). The first cryptocurrency is most often used for investments and less often as a means of payment.

The Bank of Canada’s report

What else does the report say? The regulator explained that the cryptocurrency market is not large enough to highlight specific patterns in its movement. The report emphasizes that the sphere of digital assets is growing quite rapidly and outpaces global efforts to regulate it, causing even greater risks for investors. The Central Bank also noted the high volatility of digital assets, which may cause investors to incur significant losses.

Earlier, Canada introduced a bill to stimulate the growth of the crypto sector. The initiative should bring in experts from the field of digital assets to develop regulatory policy.

Canadian parliament member Michelle Rempel Garner, who introduced the document, explained that officials actively discuss policy regarding cryptocurrencies. However, she noted that many lawmakers have little understanding of the specifics of digital assets.

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