According to a study by the Bank of Canada (BoC) published on 23 July, the citizens of Canada used bitcoin (BTC) mainly for investment purposes in 2017.
The study is an updated version of Bitcoin Omnibus Survey (BTCOS), held by the Central Bank of Canada during a short period from 12 to 15 December 2017, a few days before 17 December, the price of bitcoin reached its record level at US $ 20,000.
According to the survey, Canadians mostly used the cryptocurrency for investment purposes in 2017, not transactions. In 2016, it transactions bitcoin was the main goal of interaction with cryptocurrency.
58 percent of respondents said the main motivation for them have become “investments”, 12% decided to buy BTC because “my friend already has a bitcoin”, 7 per cent due to interest in new technologies and 6% for the purchase of goods and services on the Internet.
Among those who did not perform regular transaction using bitcoins, the vast majority – 77 percent – said that they consider BTC as an investment.
British Columbians are most knowledgeable about bitcoin compared to 2016 year the number of such people increased from 77% to 93%. Prairie ranks second among canadian provinces in terms of awareness about the BTC and Ontario is in third place.
Earlier in June, the Executive Director of the Bank of Canada James Chapman said that cryptocurrencies do not pose any risk to the monetary system.