The Bank of Canada (BoC) reported a decline in the ownership of Bitcoin and cryptocurrencies in the country in 2022, as neither market conditions nor regulations sided in favor of Canadian crypto investors, according to a BoC study published on July 26. Bitcoin ownership in Canada declined to 9% by August 2022. However, BTC adoption saw a slight uptick to 10% by the end of the year, and the drop in Bitcoin ownership does not imply that investors were spreading out their investments into other cryptocurrencies. The biggest motivation for Canadians interested in Bitcoin is as an investment, according to over one-third of the 4,996 respondents in the Bank of Canada’s 2022 survey.
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