In a twist of fate for Canadian crypto enthusiasts, the Bank of Canada (BoC) has unveiled findings from its annual Bitcoin Omnibus Survey (BTCOS) that hint at a dip in Bitcoin and cryptocurrency ownership across the Great White North. According to the report, the year 2022 marked a deviation from the crypto craze that swept the nation in the preceding year.
Statistics presented in the BTCOS divulge a notable descent in Bitcoin ownership in Canada, plunging to 9% by August 2022. However, the year didn’t conclude on an entirely somber note, as there was a slight resurgence in BTC adoption, scaling up to 10% by year-end.
While the decrease in Bitcoin ownership did not lead to mass migration towards alternative cryptocurrencies, as the report suggests, investors did not seem to move their funds from Bitcoin to other crypto assets, as they observed a decline in altcoin ownership.
The crux of the Canadian interest in BTC, as gleaned from the responses of over 4,900 survey participants, remains rooted in its capacity as an investment vehicle. The survey unveiled that a third of the respondents were drawn to Bitcoin due to its potential returns.
Most Canucks secured their crypto stash through mobile and web applications, while cryptocurrency mining, notably BTC, continued to be a favored acquisition method for the second year running.
Venturing into the world of altcoins, Dogecoin emerged as the dark horse, capturing the limelight due to its famed association with Elon Musk and unpredictable price upswings. Ethereum, Bitcoin Cash (BCH), and Litecoin also garnered considerable attention among the Canadian crypto community.
Citing ecosystem collapses, regulatory bottlenecks, and price fluctuations, the BoC outlined the factors contributing to the shrinkage in crypto ownership. However, the mixture of a regulated environment and a stabilized market is predicted to be a harbinger of heightened crypto ownership in the region.
Bitcoin ATM: Canada & United States Lead The Way
Shifting the focus to a global perspective, the HedgewithCrypto report sheds light on the crypto ATM landscape. With a staggering 38,363 Bitcoin ATMs spread across 80 countries, the United States claims the top spot. Following at a distant second is Canada, boasting 2,640 crypto ATMs. The United States also leads in ATMs per capita, with 9.9 machines per 100,000 people.
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