Recent research has brought to light a shift in Canadians’ Interest in Crypto Investments. Compared to previous years, there seems to be a lessening enthusiasm for investing in cryptocurrencies. Furthermore, Canadians appear to be downplaying the role of crypto in the present economy and are less optimistic about its future significance.
Survey Overview
The Ontario Securities Commission (OSC) unveiled its “Crypto Assets Survey 2023” on November 29, which was carried out in partnership with Ipsos in late May. The survey encompassed 2,360 Canadians, representing a balanced demographic mix in terms of age, gender, and region. The findings of the survey depict a widespread skepticism towards cryptocurrencies in Canada.
Key Findings
The study revealed several interesting trends:
- There has been a decline in crypto ownership among Canadians, dropping from 13% in 2022 to 10% in 2023.
- Most crypto owners are likely to be men aged 25-44, with a minimum of an undergraduate degree and engaged in full-time employment.
- The percentage of Canadians able to provide a basic definition of crypto has risen slightly from 51% in 2022 to 54% in 2023.
- However, the belief that crypto will play a significant role in the future has fallen from 49% in 2022 to 34% in 2023.
- 77% of crypto asset owners expressed regret over purchasing crypto assets, an increase from 68% in the previous year.
Acquisition of Crypto Assets
Crypto trading exchanges remain the most popular method of acquiring BTC and other digital currencies, with 52% of owners reporting using such a platform, a figure unchanged from 2022. Decentralized exchanges, mining or staking, token generation events or initial offerings, and referrals from friends, family, or colleagues were other methods of acquisition. Notably, there was an increase in the use of decentralized exchanges or ATMs, particularly among individuals aged 18-34.
Despite the prevailing skepticism, those interested in monitoring the cryptocurrency market can leverage tools like cryptoview.io to keep track of their investments and market trends.
Start now using our tools for free.Interestingly, the report also touched on the topic of Central Bank Digital Currencies (CBDCs). Results from a separate survey conducted by the Bank of Canada revealed a significant resistance to the issuance of a digital loonie. Concerns about potential privacy breaches and a preference for existing payment methods were the primary reasons cited, with 85% stating they would not use a digital Canadian dollar.
In conclusion, while there is a noticeable decline in Canadians’ interest in crypto investments, it remains to be seen how these trends will evolve in the future.
