Bitcoin awareness and usage in Canada

Abstract

Bitcoin, digital currencies and FinTech have been the subject of vigorous discussion. There has, however, been limited empirical evidence of its adoption and usage. This paper proposes a methodology to collect a nationally representative sample via the Bitcoin Omnibus Survey (BTCOS) in order to track the ubiquity and usage of Bitcoin in Canada. The paper reveals that about 64 per cent of Canadians have heard of Bitcoin, but only 2.9 per cent own it. Awareness of Bitcoin is strongly associated with men, and those with college or university education; additionally, Bitcoin awareness is more concentrated among unemployed individuals. On the other hand, Bitcoin ownership is associated with younger age groups and a high school education. Furthermore, the current authors have constructed a test of Bitcoin characteristics to attempt to gauge the level of knowledge held by respondents who were aware of Bitcoin, including actual owners. Knowledge is positively correlated with Bitcoin adoption. This paper attempts to reconcile the difference in awareness and ownership by deconstructing the transaction and store-of-value motive for holding Bitcoin. The paper concludes with some suggestions to improve future digital currency surveys, in particular to achieve precise estimates from the hard-to-reach population of digital currency users.