The number of cryptocurrency owners in Canada fell in 2022
Date: 2023-08-07 Author: Karina Ziganova Categories: BLOCKCHAIN, IN WORLD
The Bank of Canada (BoC) has reported a decrease in the number of owners of bitcoin and other cryptocurrencies in the country during 2022. The regulator’s study says that the decline is due to the fact that neither market conditions nor regulations were conducive to Canadian crypto investors.
An annual survey conducted by the Canadian central bank confirmed that the popularity of cryptocurrencies among local residents is falling.
At the end of 2022, the share of bitcoin owners in Canada dropped to 10%. However, the report states that the drop in bitcoin ownership does not mean that users have rebalanced their funds into other crypto assets.
“Investors have not moved out of Bitcoin into other cryptocurrencies as we are also seeing a decline in altcoin ownership,” the document reads.
More than a third of Canadians are most interested in bitcoin as an investment, according to a 2022 Bank of Canada survey of 4,996 respondents.
As for altcoins, the most popular crypto investment was DOGE, ETH, BCH and LTC.
Recall that in May, the Binance exchange announced that it was leaving the Canadian market. Bybit later revealed that it was pulling out of the region due to the regulatory climate. Also at the end of July, the Office of the Financial Institutions Auditor of Canada issued new recommendations for the regulation of crypto assets.
