Bitcoin has lately ended up being more of an investment as opposed to just being a transaction for its users in Canada. The intriguing turn of event was highlighted by the Bank of Canada in its ‘2017 Bitcoin Omnibus Survey (BTCOS)’. Coinsquare tweeted regarding it, mentioning: “Possession of #Bitcoin almost increased in #Canada from 2016-2017. According to a #BankofCanada survey, in 2016 people purchased for purchases. In 2017, they purchased for investment.”
The modification in Bitcoins’ standing in Canada shows that the nation has gained even more self-confidence to negotiate in Bitcoins and is seeing it as more of an investment opportunity. This has actually assisted Bitcoin’s status climb the staircases.
Bank of Canada explained the surge in Bitcoin
The Central Bank of Canada stated in its site: “This note provides an update of the results of the 2017 Bitcoin Omnibus Survey (BTCOS) performed by the Bank of Canada from December 12 to 15, 2017. The BTCOS was formerly conducted in November and December 2016 and also the results were reported in Henry et al. (2017, forthcoming).
The 2017 survey occurred in a fascinating time, as Bitcoin rates were boosting and also reached an all-time high up on December 17, 2017. Throughout this period, the level of awareness of Bitcoin raised from 64 per cent in the 2016 BTCOS to 85 per cent in the 2017 BTCOS, while ownership increased from 2.9 to 5.0 per cent, respectively.
The primary reason pointed out by study participants for possessing Bitcoin transformed from transactional functions in 2016 to investment purposes in 2017. Better, only concerning fifty percent of Bitcoin owners were discovered to on a regular basis use Bitcoin to get items or services or to send out money to other people.”