A recent study shows that Canadians’ interest in cryptocurrency investments has significantly decreased compared to the previous year. The percentage of Canadians who believe that cryptocurrencies are an important factor in the economy or will become more important in the future has declined, while the percentage of those who regret their cryptocurrency purchases has increased to 77% this year.
The results of the “Cryptocurrency Asset Survey 2023” conducted by the Ontario Securities Commission (OSC) in collaboration with Ipsos in May were based on a sample of 2,360 Canadians representing a proportional cross-section of the population in terms of gender, age, and region. The most significant finding of the study is the growing skepticism towards cryptocurrencies in the country.
There has been a slight decrease in Canadians’ cryptocurrency investments compared to the previous year. The percentage, which was 13% in 2022, dropped to 10% in 2023. Demographically, the majority of cryptocurrency investors in the country consist of full-time employed, postgraduate-educated men aged 25-44. The belief that cryptocurrencies will play an important role in the future has also decreased from 49% to 34%.
77% of the participants in the survey expressed regret for buying cryptocurrencies more than a year ago. This percentage was 68% in 2022. The most common reasons for purchasing cryptocurrencies in 2023 and 2022 were identified as speculative investment or gambling. The percentage of those who see cryptocurrencies as a long-term investment has decreased from 29% to 20%.
Canadians continue to use centralized cryptocurrency exchanges, with 52% of participants using them to buy Bitcoin (BTC) and altcoins. 19% of respondents reported buying cryptocurrencies from a decentralized cryptocurrency exchange, 16% through mining or staking, 14% through airdrops, 14% through token generation or ICO, and 14% from friends, family members, or colleagues.