Bitcoin prices have bounced back in 2019 after the cryptocurrency bubble burst last year. A new survey by the Bank of Canada reveals just how bitcoin ownership demographics have shifted over the last few volatile years for the cryptocurrency.
The Numbers
Bank of Canada found that the number of Canadians that are aware of bitcoin has increased from 62% in 2016 to 89% in 2018. At the same time, the percentage of Canadians that own bitcoin has increased from 3% to 5%.
In 2018, the bitcoin ownership rate among Canadian men was steady at about 6.7%, while bitcoin ownership among women increased from 2.1% to 3.7%.
Bitcoin ownership among Canadians aged 18 to 34 actually dropped from 11.1% in 2017 to 10.5% in 2018. Ownership among respondents aged 55 and older more than tripled in 2018 to 1.7%.
The survey also revealed interesting socioeconomic trends in bitcoin ownership as well. Bitcoin ownership among high-school-educated Canadians and those earning less than $30,000 in annual income dropped in 2018, while ownership among college-educated Canadians and those earning at least $70,000 increased.
Other Surveys
A similar Blockchain Capital survey earlier this year found that 11% of Americans own bitcoin, more than double the rate of Canadian ownership the Bank of Canada found. Blockchain Capital found one in five (20%) of Americans aged 18 to 34 own bitcoin, again roughly double the 10.5% ownership rate in Canada.
A Coindance study using data from Google Analytics found 90% of global bitcoin users are male and half (50%) are millennials.
A 2019 Statista survey found the country with the highest percentage of cryptocurrency owners and users was Turkey at 20% followed by Brazil (18%) and Colombia (18%).
Bitcoin investors who rode out the 2018 volatility have been rewarded for their patience in 2019. The Grayscale Bitcoin Trust GBTC is up 170.7% year-to-date.
Benzinga’s Take
One of the more surprising trends in the Canadian bitcoin survey is the drop in ownership among younger Canadians. Bitcoin investors should keep an eye out for the 2019 survey results to see if the decline in ownership was fallout from the huge bitcoin price declines in 2018 or if it is an indication of a longer-term trend.
Do you agree with this take? Email feedback@benzinga.com with your thoughts.
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