Canadians view Bitcoin and cryptocurrencies as risky investments that cannot help people to opt-out of inflation

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September 7, 2022 – Today, Pollara Strategic Insights released a new study focussed on Canadians’ engagement, understanding, and views on Bitcoin and other cryptocurrencies.  

Nearly all Canadians have heard about Bitcoin, but it remains a mystery to most, as only one-in-four (26%) Canadians report ownership and/or sufficient familiarity that they could explain it to someone else.

Less than one-in-ten (8%) Canadians report ownership of Bitcoin and/or other cryptocurrencies, with ownership overwhelmingly concentrated among young men.  Politically speaking, PPC and Conservative Voters are more likely to report ownership and interest in investing in Bitcoin and/or other cryptocurrencies.     

Amongst those who own Bitcoin or have some understanding of it, almost nine-in-ten (88%) view it as a risky investment and more than three-quarters (77%) report that it has declined in value.

Amongst those who own Bitcoin or have some understanding of it, only one-in-ten (11%) think it is a good way to opt out of inflation, and half (48%) feel that most people who recommend investing in Bitcoin are scam artists.  PPC Voters and young men are the most likely to feel that moving investments into Bitcoin are a good way to opt out of inflation.   

For more detailed results, read our report

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