13% of Canadians own cryptocurrency

The Bank of Canada has shared its analysis of the country’s financial system, which provides key statistics showing that Canadians are increasingly favoring crypto assets. According to their data, 13% of Canadian citizens owned bitcoin in 2021, compared to 5% in 2018−2020.

According to the bank, this increase followed «an overall increase in Canadians' savings during the pandemic.» Fintech companies in Canada have also started offering cryptocurrencies for investment alongside traditional products.

Interestingly, owning cryptocurrency does not increase financial literacy about cryptocurrency assets. For example, when asked «does the government support bitcoin?» (which it does not), 40% of respondents said it was quite possible.

It is worth noting that Canadian politicians are increasingly speaking out in favor of supporting cryptocurrencies, so the government’s attitude towards supporting a particular cryptocurrency may change in the near future.