Bitcoin’s Popularity in Canada is Growing at a Rapid Pace

There seems to be a rising interest among Canadians for Bitcoin. A recent survey conducted by Hardbacon revealed that 28% of its participants had purchased cryptocurrencies. The survey further revealed that 85% had been exposed to Bitcoin in some form.

Furthermore, in the last year, 20,783 out of 100,000 Canadians Googled the term ‘crypto’. This is a 213% increase in a year. This data indicates a rising interest in crypto among Canadians.

Canada also has one of the highest numbers of crypto ATMs, 1464, located across the country. In another study conducted recently, roughly 4.2 million Canadians claimed that they own cryptocurrencies. These numbers are higher than the equivalent ones in the USA and the UK; additionally, Canada ranks 19^th globally in terms of cryptocurrency ownership.

Younger investors also seem more drawn to the crypto markets, and crypto exchanges have reported growing traffic to their websites. Among the 18-24 age groups, 6% of them own Bitcoin, followed by 3% Ethereum owners.

Why the growing interest in Bitcoin?

Over the last year, there have been significant global changes concerning Bitcoin. Canada was the first country to launch a Bitcoin ETF fund in 2021, El Salvador accepted Bitcoin as legal tender, and Portugal approved two crypto exchanges.

Furthermore, the UK is also considering launching their digital currency pegged to the British pound; Tesla invested millions in Bitcoin and accepted it as a payment method. The general public has realized the potential of bitcoin irrespective of the risks associated with the crypto markets, and the numbers are proof of this rising interest.

However, The Bank of Canada is concerned that digital currencies could pose a risk to their financial systems, especially if large tech companies start accepting Bitcoin or other crypto assets as payment methods.

Canadians can trade Bitcoin

One of the most popular crypto platforms in Canada is Coinrise. Coinrise’s investment services include online trading, wealth management, private equity, venture capital, private debt and financial strategy.

Coinrise requires you to fund your account with a minimum of €250. The broker provides welcome bonuses, trading signals, 1-on-1 educational support, trading room access, and VIP mentorship. Each account type has specific benefits, and the benefits improve as you upgrade accounts.

The broker also offers access to the markets via the WebTrader, MetaTrader 4, and MetaTrader 5 platforms. Each of the platforms has built-in tools and indicators to enable a seamless trading experience. Coinrise’s support staff are available 24 hours a day, six days a week. Customers can reach them via WhatsApp, email, call back, or the live chat service.

Bottom Line

Canada seems to be among the leading countries to have adopted Bitcoin. The Canadian government is implementing concrete measures with regard to regulations, to safeguard investors and the country’s financial systems against unforeseen risks. Coinrise offers professional investment strategies to minimize customers' risks and ensure they set clear financial goals.