A new survey of 2,000 Canadians shows cryptocurrency use is increasing in Canada.
Comparison site Finder found 16.55 percent of respondents had purchased cryptocurrency. If this statistic translated accurately to the wider population of Canada it would equate to 4.8 million Canadians.
By comparison, a Bank of Canada (BoC) survey taken in December 2017, showed just 5 percent of Canadians had bought cryptocurrency, up from 2.9 percent the previous year.
These combined survey results indicate that cryptocurrency ownership in Canada is growing rapidly.
The new survey also reveals an opportunity for cryptocurrency proponents to convert a large proportion of Canadians who don’t yet understand the nascent industry.
Of the survey results about why Canadians aren’t buying cryptocurrency, a majority of respondents had answers that revolved around knowledge of the industry.
Four answers – “don’t know what it is,” “think it’s too complicated,” “think it’s a scam,” or “think there are too many fees” – accounted for nearly two thirds of respondents’ (68%) reasons for not buying cryptocurrency.
The survey also found that more men, at 19.45 percent, had bought cryptocurrency than women, at 14.10 percent.
As well as another expected result considering the young, male dominated technology demographic: 31.68 percent of millennials had purchased cryptocurrency.