Bank

2024

Bitcoin

April

<p>The crypto revolution struggles to captivate Canadians. Despite the increasing interest in these assets internationally, Canadians remain attached to more traditional payment methods. At least that’s what a recent survey conducted by the country’s central bank reveals.</p>
<h2 id="h-cash-still-dominates-payment-habits-in-canada">Cash still dominates payment habits in Canada</h2>
<p>According to the sixth report on payment methods by the Bank of Canada, published on July 3, <a href="https://www.cointribune.com/en/institutional-adoption-of-cryptocurrencies-explodes-in-2023-what-will-happen-in-2024/" target="_blank" rel="noopener noreferrer nofollow">crypto adoption</a> remains limited among Canadians. Of the 4,000 people surveyed, a majority showed a marked preference for cash transactions. In 2023, about 20% of purchases were made in cash, highlighting the persistence of this traditional payment method. <a href="https://www.bankofcanada.ca/wp-content/uploads/2024/07/sdp2024-8.pdf" target="_blank" rel="noopener noreferrer nofollow">The Bank of Canada report</a> reveals that alternative payment options have seen significant increases in usage, but they have not yet managed to dethrone cash.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1">
 </div>
</div>
<p>Electronic transfers, for instance, were used by 58% of respondents in 2023, an increase of 7% compared to the previous year. The electronic wallet PayPal has also gained popularity, reaching an adoption rate of 35%.</p>
<p>However, less than 3% of Canadians used bitcoin as a payment method, which starkly contrasts with the fact that Canada is home to more than 3,000 crypto ATMs, making it second in the world for such infrastructure. Despite these installations, the majority of Canadians do not seem ready to give up cash. Indeed, 80% of respondents stated that they do not intend to switch to a cashless society in the near future.</p>
<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <div class="entry-content-asset">
   <div class="social-embed-container">
    <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
     <p lang="en" dir="ltr">Bank of Canada Survey Shows Canadians Prefer to Use Cash Rather Than Crypto <a href="https://t.co/0CJ0tabkBM" rel="noopener noreferrer nofollow">pic.twitter.com/0CJ0tabkBM</a></p>— CryptoMaksymus (@CryptoMaksymus) <a href="https://twitter.com/CryptoMaksymus/status/1808766808838549608?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 4, 2024</a>
    </blockquote>
    <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
   </div>
  </div>
 </div>
</figure>
<div class="affiliate-button"><a class="affiliate-button__link" href="https://bitvavo.com/fr/affiliate/coinmedia?a=_cta" target="_blank" rel="noopener noreferrer nofollow">€20 bonus for registering on Bitvavo</a> <a class="affiliate-button__disclaimer" href="https://www.cointribune.com/en/sponsored-content/" target="_blank" rel="noopener noreferrer nofollow">This link uses an affiliate program.</a>
</div>
<h2 id="h-crypto-adoption-by-canadian-institutional-investors-on-the-rise">Crypto adoption by Canadian institutional investors on the rise</h2>
<p>Despite the limited adoption of cryptos by the general Canadian public, the country’s financial institutions are showing strong interest in these digital assets. According to an April report by KPMG, 39% of institutional investors in Canada held cryptos in 2023, a significant increase from 31% in 2021. This trend indicates growing confidence in digital assets, fueled by improved custodial services and increased maturity of the crypto market.</p>
<p>The approval of Bitcoin ETFs has also strongly contributed to increasing institutional adoption in Canada. These ETFs offer direct exposure to bitcoin, thus facilitating access to this crypto for traditional investors.</p>
<p>The limited adoption of cryptos by Canadians contrasts with the <a href="https://www.cointribune.com/en/canadian-institutional-investors-are-massively-adopting-cryptocurrencies/" target="_blank" rel="noopener noreferrer nofollow">growing enthusiasm of the country’s financial institutions</a>. This divergence in financial habits could evolve as cryptocurrencies stabilize and the industry develops.</p>

Canadians Still Prefer Cash Over Crypto!

Table of Contents

Cointribune EN

Other articles published on Jul 5, 2024

Weekly Crypto News – KAMA Surges By 250% As BODEN DIPS

Solana Price Prediction: SOL Plummets 9% Amid The Crypto Crash, But This AI Meme Coin Blasts Past...

3AC-linked wallet bought NFT for $59K due to 3-year-old offer that wasn’t canceled

Despite market crash, retail investors’ support helps keep ONDO’s price stable

VanEck Sees Bitcoin Crash as a Buying Opportunity

Too late to get into BlockDag and ETFSwap? Here's why MTAUR might be your last chance to win cryp...

Join our free newsletter for daily crypto updates!