2. Most Canadians are aware of Bitcoin
Like in previous years, about 90% of Canadians in 2021 had heard of the term Bitcoin. Investigating further, we surveyed respondents on their level of understanding of how Bitcoin works. For instance, we asked them whether they agreed with the statement that Bitcoin is backed by a government (which is false). Based on the answers to three such core questions, we found that 40% of Bitcoin owners in 2021 showed a low level of Bitcoin knowledge, which is a higher percentage than in previous years (Chart 2). Also, 66% of Canadians who did not own Bitcoin showed a low level of understanding of how this cryptoasset works.