IDEAS home Printed from https://ideas.repec.org/p/bca/bocsan/18-23.html
   My bibliography  Save this paper

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
    as

    Download full text from publisher

    File URL: https://www.bankofcanada.ca/wp-content/uploads/2018/07/san2018-23.pdf
    File Function: Full text
    Download Restriction: no

    References listed on IDEAS

    as
    1. Wilko Bolt & Maarten van Oordt, 2016. "On the value of virtual currencies," DNB Working Papers 521, Netherlands Central Bank, Research Department.
    2. Christopher Henry & Kim Huynh & Gradon Nicholls, 2017. "Bitcoin Awareness and Usage in Canada," Staff Working Papers 17-56, Bank of Canada.
    3. Heng Chen & Geoffrey R. Dunbar & Rallye Shen, 2017. "The Mode is the Message: Using Predata as Exclusion Restrictions to Evaluate Survey Design," Staff Working Papers 17-43, 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.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. James Chapman & Carolyn A. Wilkins, 2019. "Crypto ‘Money’: Perspective of a Couple of Canadian Central Bankers," Discussion Papers 2019-1, Bank of Canada.

    More about this item

    Keywords

    Bank notes; Digital Currencies; Econometric and statistical methods;

    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

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bca:bocsan:18-23. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (). General contact details of provider: http://edirc.repec.org/data/bocgvca.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.