According to a research conducted in May 2023, 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 and will become even more important in the future has decreased, while the percentage of those who regret buying cryptocurrencies has increased from 68% to 77%.
The research, which included 2,360 Canadians representing a proportional cross-section of the population in terms of gender, age, and region, reveals the growing skepticism towards cryptocurrencies in Canada. One of the most notable findings of the research is the decrease in Canadians’ cryptocurrency investments. This rate, which was 13% in 2022, dropped to 10% in 2023.
The majority of cryptocurrency investors are full-time employed, highly educated men between the ages of 25 and 44. According to the research, the percentage of Canadians who can define cryptocurrencies increased from 51% to 54%. However, the percentage of those who believe that cryptocurrencies will play an important role in the future decreased from 49% to 34%.
77% of the participants in the research stated that they regret buying cryptocurrencies a year ago. This rate was 68% in 2022. Both in 2023 and 2022, speculative investment or gambling was identified as the most common reason for purchasing cryptocurrencies. The percentage of those who see cryptocurrencies as a long-term investment decreased from 29% to 20%.
Most Canadians continue to use centralized cryptocurrency exchanges (CEX) for cryptocurrency purchases, and the usage rate of these platforms is 52%. 19% of the participants buy cryptocurrencies from decentralized exchanges (DEX), 16% through mining or staking, 14% for free, 14% through token generation or ICOs, and the remaining 14% from friends, family, or colleagues.