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Explaining bitcoin ownership in Canada: Trends from 2016 to 2021

Author

Listed:
  • Daniela Balutel

    (LEO - Laboratoire d'Économie d'Orleans [2022-...] - UO - Université d'Orléans - UT - Université de Tours - UCA - Université Clermont Auvergne)

  • Walter Engert
  • Christopher Henry
  • Kim Huynh
  • Marcel Voia

    (LEO - Laboratoire d'Économie d'Orleans [2022-...] - UO - Université d'Orléans - UT - Université de Tours - UCA - Université Clermont Auvergne)

Abstract

This paper studies the dynamics of bitcoin ownership from 2016 to 2021, using the Bank of Canada's Bitcoin Omnibus Surveys. The estimated rate of bitcoin ownership jumped to 13% in 2021, up from the 5% observed in the previous three years. On one hand, this increase reflected broader economic trends related to increased savings and investment of Canadians during the COVID‐19 pandemic, along with financial technology companies providing accessible and user‐friendly platforms for buying bitcoin. Looking deeper, we use econometric models to quantify several specific ways in which bitcoin became more mainstream as an investment in 2021. Finally, we investigate the high cash holdings of bitcoin owners across time.

Suggested Citation

  • Daniela Balutel & Walter Engert & Christopher Henry & Kim Huynh & Marcel Voia, 2024. "Explaining bitcoin ownership in Canada: Trends from 2016 to 2021," Post-Print hal-04788115, HAL.
    • Handle: RePEc:hal:journl:hal-04788115
    DOI: 10.1111/caje.12724
    as

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