Interest in crypto investment in Canada has significantly decreased compared to the previous year. The belief that cryptocurrencies are an important element in the economy or will become important in the future has declined among Canadians, while the regret rate for crypto purchases has increased to 77% this year.
The Ontario Securities Commission (OSC) shared the results of the “Crypto Assets Survey 2023,” which was conducted in May 2023 in collaboration with Ipsos and included a representative sample of 2,360 Canadians in terms of gender, age, and region. The most significant finding from the research was the increasing skepticism towards cryptocurrencies in the country.
The decrease in crypto investments in Canada compared to the previous year is one of the most important findings of the study. This rate, which was 13% in 2022, has decreased to 10% in 2023. The majority of crypto investors in the country consist of full-time employed, 25-44 years old, postgraduate-educated men. According to the research, the percentage of Canadians who can provide a basic definition of cryptocurrencies has increased from 51% in 2022 to 54% in 2023. However, the belief that cryptocurrencies will play an important role in the future has decreased from 49% to 34%.
77% of the participants stated that they regretted buying cryptocurrencies more than a year ago. This rate was 68% in 2022. The most common reason for purchasing cryptocurrencies was shown to be speculative investment or gambling. Additionally, the percentage of those who see cryptocurrencies as a long-term investment has decreased from 29% in 2022 to 20% in 2023.
Centralized cryptocurrency exchanges (CEX) continue to be the most popular platforms used by Canadians to buy Bitcoin and altcoins, with a usage rate of 52%. 19% of the participants purchased cryptocurrencies through a decentralized cryptocurrency exchange (DEX), 16% through mining or staking, 14% for free, 14% through token generation or ICOs, and the remaining 14% bought from friends, family, or colleagues.