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Bitcoin Awareness and Usage in Canada: An Update

Author

Listed:
  • Christopher Henry
  • Kim Huynh
  • Gradon Nicholls

Abstract

This note provides an update of the results of the 2017 Bitcoin Omnibus Survey (BTCOS) conducted by the Bank of Canada from December 12 to 15, 2017. The BTCOS was previously conducted in November and December 2016 and the results were reported in Henry et al. (2017, forthcoming). The 2017 survey took place in an interesting time, as Bitcoin prices were increasing and reached an all-time high on December 17, 2017. During this period, the level of awareness of Bitcoin increased from 64 per cent in the 2016 BTCOS to 85 per cent in the 2017 BTCOS, while ownership rose from 2.9 to 5.0 per cent, respectively. The main reason cited by survey participants for owning Bitcoin changed from transactional purposes in 2016 to investment purposes in 2017. Further, only about half of Bitcoin owners were found to regularly use Bitcoin to buy goods or services or to send money to other people.

Suggested Citation

  • Christopher Henry & Kim Huynh & Gradon Nicholls, 2018. "Bitcoin Awareness and Usage in Canada: An Update," Staff Analytical Notes 2018-23, Bank of Canada.
    • Handle: RePEc:bca:bocsan:18-23
    DOI: 10.34989/san-2018-23
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    References listed on IDEAS

    as
    1. Heng Chen & Geoffrey Dunbar & Q. Rallye Shen, 2020. "The Mode is the Message: Using Predata as Exclusion Restrictions to Evaluate Survey Design," Advances in Econometrics, in: Essays in Honor of Cheng Hsiao, volume 41, pages 341-357, Emerald Group Publishing Limited.
    2. Wilko Bolt & Maarten R.C. Van Oordt, 2020. "On the Value of Virtual Currencies," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 52(4), pages 835-862, June.
    3. Christopher Henry & Kim Huynh & Gradon Nicholls, 2017. "Bitcoin Awareness and Usage in Canada," Staff Working Papers 17-56, Bank of Canada.
    4. Walter Engert & Ben Fung, 2017. "Central Bank Digital Currency: Motivations and Implications," Discussion Papers 17-16, Bank of Canada.
    5. Zagorsky, Jay L., 2003. "Husbands' and wives' view of the family finances," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 32(2), pages 127-146, May.
    6. Henry, Christopher S. & Huynh, Kim P. & Nicholls, Gradon, 2018. "Bitcoin awareness and usage in Canada," Journal of Digital Banking, Henry Stewart Publications, vol. 2(4), pages 311-337, May.
    Full references (including those not matched with items on IDEAS)

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    Keywords

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    JEL classification:

    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
    • C12 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Hypothesis Testing: General

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