The number of cryptocurrency holders in Canada fell slightly in 2023, but the average value of their holdings rose significantly. However, 77% of respondents regret investing in crypto assets, according to An investigation released by the Ontario Securities Commission (OSC).
The OSC released the “2023 Cryptoasset Survey” on November 29, which was conducted in late May in partnership with Ipsos. The survey interviewed 2,360 Canadians to accurately reflect the country’s population by gender, age and region.
The findings reflect a generally pessimistic view of cryptocurrencies in the country, which may be due to the period in which the study was conducted. While the number of Canadians able to give a basic definition of cryptocurrencies rose from 51% in 2022 to 54% in 2023, only 34% now believe cryptocurrencies “will play a key role in the future,” down from 51% in 2022. The proportion is 49%.
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Compared with a year ago, fewer Canadians own crypto assets, falling from 13% in 2022 to 10% in 2023. These people are most likely to be men aged 25 to 44, with a higher education degree and working full-time.
Despite the pessimism, 39% of respondents claimed that their cryptocurrency portfolio is profitable, a number that is only slightly lower than in 2022 (46%). The average value of a cryptocurrency portfolio increased significantly from $52,975 in 2022 to $82,998 in 2023.
The most common reasons for buying cryptocurrencies remain the same. In 2022 and 2023, respondents stated that cryptocurrencies are a “speculative investment.” The survey showed that the number of people buying cryptocurrencies as a “long-term investment” fell from 29% to 20%.
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