---
title: "How Canadian Crypto Ownership Changed on 2022: Bank of Canada"
url: https://diffcoin.com/how-canadian-crypto-ownership-changed-on-2022-bank-of-canada/
description: "The central bank found that only 6% of non-Bitcoin owners appear knowledgeable about the asset."
published: 2023-07-30
updated: 2023-07-30
author: "Mila"
site: "Diffcoin"
---

# How Canadian Crypto Ownership Changed on 2022: Bank of Canada

The Bank of Canada published a report on Wednesday outlining Canadian crypto ownership trends last year.

Its Bitcoin Omnibus Survey found that Bitcoin (BTC) ownership across the country declined from 13% to 10% of the population in 2022.

- The report noted that the ownership decline occurred on the back of Bitcoin’s massive price decline of over 50% throughout the year and increased regulatory scrutiny after FTX’s collapse in November. Altcoin ownership also decreased in 2022.
- That said, ownership still remained elevated from the 8% level observed between 2018 and 2020.
- For the past five years, awareness of the term Bitcoin has remained stable at roughly 90%, but recent adopters were more likely than early adopters to get involved for investment purposes.

> “Similar to the results from previous years, ownership remains the highest among men, those between the ages of 18 and 34, university-educated, and those with a household income above $70,000,” the report read.

- The report also claimed that in 2022, those with “high financial literacy” appeared to have left the market, while those with low financial literacy did not.
- Those with incomes lower than $30,000 per year also had more holdings in 2022 than in 2021, bucking the trend among most investors.
- To date, Canadians at large still report limited knowledge of how Bitcoin works. 61% of non-Bitcoin owners had low crypto literacy based on the bank’s methodology, while 30% of owners displayed high literacy.
- A Bank of Canada survey published last year found investors with both low-level and high-level financial literacy were more likely to buy Bitcoin than average literacy investors.
- Bank of Canada officials have previously scoffed at the idea of Bitcoin being an “inflation hedge,” as the nation’s Conservative leader has argued in the past.

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