A new study by the Bank of Canada has revealed that a larger percentage of people in Canada who used bitcoin in 2017 hoped to make gains and not the pay for services on the internet.
The new statistics was compiled by the currency department of the central bank and serves as an update to the Bitcoin Omnibus Survey (BTCOS) which the institution conducted during the 2017 Bitcoin boom.
2017 BTCOS aimed to delve a bit deeper into what Bitcoin holders use it for by asking how often owners used their Bitcoin – to pay for goods and services and to send money to other people.
While Bitcoin, the world’s largest cryptocurrency can serve as a tool for payment on goods and services, 58% of survey respondents said that they consider Bitcoin an investment tool. Only a mere 6% admitted to using Bitcoin as a payment option while 7% percent of the population owns Bitcoin because a friend owns it too.
Unsurprisingly, awareness of the digital currency was on the increase at that important time in Bitcoin history. The record reveals a 21% increase from the 2016 statistics which stood at 64%, with the residents of the Canadian province, British Columbia, scoring highest at 93%. Canadians with a $70,000 income also recorded a 92% increase in bitcoin awareness.
Bitcoin Investment Spikes In Canada
The 2017 stats are quite in contrast with the motives for Canadians holding Bitcoin in 2016. Back in 2016, 39% of owners gave payment-related reasons as their primary motivation for ownership, while technology-related reasons came close behind at 36%. Only 12% of owners then told the BTCOS survey that they held it as an investment tool.
In summary, among those who used Bitcoin “once or twice, but not on a regular basis,” 77% said they purchased Bitcoin for speculative purposes. The authors of the study paper believe that most of the “fluctuations of the Bitcoin price are due to speculation” and the stats seem to back it up, especially in Canada.