Cryptocurrency is on the rise among Canadian consumers

Younger Canadians, in particular, gravitate towards their use

Cryptocurrency is on the rise among Canadian consumers

An estimated 4.2 million Canadians now own some form of cryptocurrency, according to a new study by Finder.

This represents some 14% of Canadian adults, a share that placed the nation 19th in terms of cryptocurrency ownership. Canada pulled ahead of the United Kingdom (8%) and the United States (9%), but lagged behind Italy (21%), Hong Kong (26%), and Vietnam (41%).

“Canada ranks below the global average for cryptocurrency adoption (19%) but is well above its southern neighbours as 40-50% more Canadians own cryptocurrency compared to the US and the UK,” said Nicole McKnight of Finder.

Read more: Will the Bank of Canada be issuing its own digital currency soon?

McKnight added that Finder itself has played host to a recent significant uptick in queries involving cryptocurrencies.

“Finder Canada has seen tremendous traffic increases of more than 340% to our cryptocurrency web pages over the last six months (Jan to June), with much of this growth likely fuelled by young investors looking for the latest trending coins and how to buy them,” McKnight explained.

Canada was found to have the largest share of cryptocurrency owners in the 18-24 age range (18%). Canadian men were also found to be more likely to own cryptocurrency (16%) than women (11%).

Of those owned by Canadians, Bitcoin stood as the most popular (6%), followed by Ethereum (3%), Bitcoin cash (2%), and Ripple (2%).