According to a recent study by the Bank of Canada, Bitcoin ownership in the country declined to 9% by August 2022 before slightly rebounding to 10% by the end of the year. Canadians were mainly motivated to invest in Bitcoin for financial purposes. While crypto mining and mobile and web apps were the most popular methods of acquiring cryptocurrencies in Canada, the decline in crypto ownership in Canada was attributed to ecosystem collapses, regulatory hurdles, and price depreciation. Nonetheless, the BOC believes this research is relevant for monitoring conditions that may warrant issuing a central bank digital currency.
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