According to research, Canadians’ interest in cryptocurrency investments has significantly decreased compared to the previous year. Canadians no longer see cryptocurrencies as a significant factor in the economy and they have become less optimistic about their future importance. The percentage of those who regret buying cryptocurrencies has risen from 68% in 2022 to 77% this year.
According to the results of the “Cryptocurrency Asset Survey 2023” by the Ontario Securities Commission (OSC), there is increasing skepticism towards cryptocurrencies in the country. The survey, conducted in collaboration with Ipsos in May, was carried out on 2,360 Canadians representing a proportional sample of the population in terms of gender, age, and region.
One of the notable results of the research is the decline in Canadians’ cryptocurrency investments. This rate has decreased from 13% in 2022 to 10% in 2023. The majority of cryptocurrency investors in Canada are full-time employed, university graduates, and males between the ages of 25-44. Furthermore, although the percentage of Canadians who can define cryptocurrencies at a basic level has increased from 51% to 54%, the belief that cryptocurrencies will play an important role in the future has decreased from 49% to 34%.
The regret of buying cryptocurrencies was expressed by 77% of participants, compared to 68% in 2022. Speculative investment or gambling emerged as one of the most cited reasons for buying cryptocurrencies in both 2023 and 2022. The percentage of those who view cryptocurrencies as a long-term investment has decreased from 29% to 20%.
Canadians continue to use centralized cryptocurrency exchanges (CEX) to buy cryptocurrencies. 52% of participants prefer these platforms to buy Bitcoin (BTC) and altcoins. 19% of participants indicate buying cryptocurrencies from a decentralized cryptocurrency exchange (DEX), 16% through mining or staking, 14% for free, 14% through token generation or ICOs, and another 14% from friends, family, or colleagues.