Bitcoin Sentiment Tracker: A national gauge of consumer perceptions and attitudes towards bitcoin, by CorbinPartners Inc. for Payments Canada

As a company that specializes in fieldwork and data collection, Canadian Viewpoint’s work is usually a quiet foundation supporting larger projects. But when we saw Payments Canada’s public report about Bitcoin produced by CorbinPartners, we were pleased to see our data collection contribution mentioned in the methodology section.

It is easy to see why CorbinPartners is one of the most highly respected research companies within Canada. Their report is an impressive example of what comprehensive and transparent reporting can look like within the market research industry. At 83 pages, it includes extensive details on the target population, method of administration, recruitment, design, quality controls, sampling, beta-testing, verification, coding, and detailed question by question results. Though many people may complain that a ten page report is six pages too long, 83 pages means that any third party can fully understand and properly interpret all of the results.

The following is just a short snippet from the report but you can see the level of detail that has been shared. And far more details are available in the full report. If you’re looking for a top notch example to follow for your own reports, this is an excellent place to start. 

CorbinPartners Inc. was retained by Payments Canada to plan, design and implement an inaugural tracking study of Canadians who hold and / or transact Bitcoin, and those who haven’t adopted this form of currency, but are profiled as having a higher propensity to use Bitcoin in the near future. 

A national online survey was carried out under the direction of CorbinPartners, employing the field services of Canadian Viewpoint Inc. A large established Internet-based panel was utilized to recruit participants, managed by panel-owner Canadian Viewpoint. As well, invitations were made to participants through a variety of Bitcoin / Cryptocurrency-related channels, including readers of online forums, attendees at cryptocurrency events, members of social media groups, members of Bitcoin / Blockchain associations, and customers of exchanges that provide access to the purchase of digital currencies. One thousand two hundred and twenty-six (1226) qualified respondents across Canada took part in the survey, in either English or French language, including 223 who currently hold and / or transact in Bitcoin, and 1003 non-Bitcoin users who are profiled as potential users on a go-forward basis. 

The design of the survey was governed by social scientific principles, and the survey administration employed quality controls that met or exceeded usual industry practice. The survey was completed between July 5th and October 29th, 2018.

The purpose of the study is to understand the advancement of Bitcoin from the vantage point of consumer sentiment. More specifically, the objectives of the study are the following: 

  • For existing Bitcoin users, to determine the level of familiarity, reasons for use, motivations / influences to trial, and any advantages / disadvantages experienced compared to traditional currency
  • For non (but potential) Bitcoin users, to determine the level of familiarity, and concerns or obstacles blocking them from usage, motivations to trial, and perceived advantages / disadvantages to traditional currency
  • To highlight any consistency or gaps between the sentiments of both consumers who use or potentially use Bitcoin and the merchants who make it available for payment
  • To assess adoption from the consumer market in the foreseeable future, including reasons for or against, and purposes of use 
  • To obtain consumer feedback on the prospects of Bitcoin usage by Canadians in general (rather than related to personal use)

If you’d like to learn the results of the study, please head over to the report on the Payments Canada website where you’ll find question-by-question data tables for the complete set of results. Learn:

  • How many survey participants are familiar with the concept of cryptocurrency.
  • How many survey participants are aware of Bitcoin, haven’t used it, and why.
  • How many survey participants expect to use Bitcoin in the near future and why.
  • Why survey participants purchased it the first time.

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With nearly 40 years of experience, Canadian Viewpoint is a field and data collection company that specializes in English and French offline and online services. We offer sample, programming, hosting, mall intercepts, pre-recruits, central location recruitment, mystery shopping, site interviews, IHUTs, sensory testing, discussion boards, CATI, facial coding, and other innovative technologies. Learn more about our services on our website. Canadian Viewpoint is a founding board member of CRIC (Canadian Research Insights Council).