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Odaily Planet Daily News A research report released by the Bank of Canada (BOC) last week showed that the holdings of cryptocurrencies such as Bitcoin in the country fell last year because market conditions and regulations were not conducive to Canadian crypto investors.
The annual Bitcoin Omnibus Survey (BTCOS) conducted by the Bank of Canada shows mass adoption of cryptocurrencies in 2021, while halfway through 2022, Bitcoin holdings in Canada fell to 9% by August. Even though Bitcoin's adoption rate will increase slightly to 10% by the end of 2022, the decline in Bitcoin holdings does not mean that investors are diversifying their investments into other cryptocurrencies. “Investors do not appear to be moving away from Bitcoin to other cryptoassets as we observe dwindling altcoin holdings.”
In addition, the Bank of Canada survey showed that the biggest motivation for Canadians to be interested in Bitcoin is investment, with more than a third of the 4,996 respondents choosing Bitcoin. (Cointelegraph)