It should be noted that bank representatives have been commenting quite often lately on what’s happening with the coin niche. For example, last week, Central Bank Governor Elvira Nabiullina said that the Bank of Russia should supposedly be softer on digital assets. The reason for this is the prospect of attracting additional investors, which sounds rather dubious in the current environment.

However, it is important to note that a few months ago, Nabiullina was quite serious about stating that coins would most likely have to be banned. As a reminder, cryptocurrency has traditionally been criticized for excessive volatility and lack of investor protection. Although it has become clear that these reasons for developing dislike for coins are rather far-fetched, since they are ready to be abandoned instantly when the financial environment changes.

What will happen to cryptocurrencies in the future?

Bank of Canada experts conducted a study of 12,487 participants over five years. They found that awareness and the number of Bitcoin owners has increased significantly since 2016. According to CryptoSlate’s sources, there has been some stabilisation in the rate of growth in the crypto’s popularity and number of investors in the study from 2018 to 2020.

Percentage of crypto investors and real awareness of cryptocurrencies

Comparing their findings to the demographic profiles of the participants, the analysts noted that Bitcoin ownership is “concentrated among young, educated men with high household income and low levels of financial literacy.” In addition, more than 20 per cent of Bitcoin owners demonstrated a low level of knowledge about the cryptocurrency itself, failing to answer any of the three questions about it.

We should note that such results seem strange, but they are possible. Still, more often than not, first-time investors in crypto are attracted to returns rather than technology. So they buy coins on someone else's recommendation and then forget about them or, on the contrary, follow the exchange rate on a daily basis. In either scenario, such newcomers may not spend any time at all on the basics of the digital asset world or increase their knowledge of decentralization. Therefore, this situation is quite likely.

Volume of coin purchases by different years

The authors of the study did come to the conclusion that many BTC buyers expect big profits without even a thorough understanding of the technology at the heart of Bitcoin. As such, the number of “real investors” – that is, those who follow at least the basic rules of financial literacy when dealing with crypto – is noticeably lower than the total number of buyers of digital assets.

How often different crypto-enthusiasts spend BTC on goods and services

On top of all this, the Bank of Canada, in collaboration with quantum computing company Multiverse Computing, attempted to predict potential solutions to future financial problems with cryptocurrencies. The results showed that, for some industries, cryptocurrencies will work alongside traditional banking as a payment mechanism. But the extent of acceptance of digital assets by individual financial institutions depends on “how these institutions respond to the acceptance of cryptocurrencies and the economic costs of cryptocurrency trading.”

In other words, the outlook here depends on the response of financial institutions. If interacting with coins is more profitable for them than the potential problems with aspiring crypto investors, then the integration of digital assets is unlikely to be long in coming.

Ways for Canadians to buy Bitcoin

Another interesting result was announced after a survey by Insider Intelligence. According to its analysts, nearly 34 million Americans will own cryptocurrencies by the end of 2022. That’s roughly 10 percent of the entire population of the United States, CryptoPotato reported. The researchers also predicted that the number of US adults owning and using cryptocurrencies for payments will double from the current figure by 2023.

In 2022, total cryptopayment transactions will exceed $10 billion globally for the first time, according to the forecast. That’s about 70 per cent more than in 2021. Insider Intelligence forecast analyst Nazmul Islam commented on the meteoric rise in cryptocurrency adoption in America. Here’s his rejoinder.

In 2021, cryptocurrencies have become easier to buy in apps that consumers already use, and large financial institutions have started investing heavily in digital assets. Add to this ease of accessibility the hype around iconic coins like Dogecoin and you get a huge jump in industry-wide adoption.

Dynamics of the number of Americans owning crypto

The report predicts that more than 37 million US adults will own cryptocurrencies in 2023, representing around 14 per cent of the population. Demographically, the largest group of cryptocurrency owners will be those aged 25 to 34, followed by the 35 to 44 age group.

That said, Bitcoin remains the most popular coin among US investors, with 25.2 million people owning it this year, up 16.7 per cent from last year. The number of Etherium investors in the US will be 13.1 million by the end of this year, an increase of 26.8 percent from 2021.


We believe that the Bank of Canada's survey results make it clear that cryptocurrency education can be at a much higher level. However, other experts are also confident that crypto will continue to become more popular, which means that people will become familiar with what's going on in this area one way or another. And there will surely be those who want to find the right information about the very structure of coins.


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