The Number of Crypto Hodlers in Canada Decreases, but Average Holdings Value Rises
In 2023, the number of crypto hodlers in Canada slightly decreased, but the average value of their holdings significantly increased. However, according to a survey published by the Ontario Securities Commission (OSC), 77% of respondents regret investing in crypto assets.
Survey Details and Findings
The OSC conducted its “Crypto Assets Survey 2023” in partnership with Ipsos. The survey interviewed 2,360 Canadians selected to reflect an accurate proportion of the country’s population. The results show a general pessimism towards crypto in the country’s population.
The number of Canadians who can define crypto increased from 51% in 2022 to 54% in 2023. However, only 34% believe that crypto will play a key role in the future, compared to 49% in 2022.
Fewer Canadians Own Crypto Assets
In 2023, the percentage of Canadians who own crypto assets decreased from 13% to 10%. This group is predominantly males aged 25-44 with higher education diplomas and full-time jobs.
Profitability and Average Value of Crypto Portfolios
Despite the overall pessimism, 39% of respondents claimed that their crypto portfolios are profitable. This is only slightly less than in 2022 (46%). Additionally, the average value of crypto portfolios rose dramatically from $52,975 in 2022 to $82,998 in 2023.
Motivations for Buying Crypto
The most common reason for buying crypto remains consistent: as a speculative investment. However, there was a decrease from 29% to 20% in those who bought crypto as a long-term investment.
Similar Findings in France
A similar survey conducted in France revealed that 9.4% of the population holds crypto assets, only slightly lower than those holding real estate funds, which are the most popular investment asset.
Hot Take: Canadians Show Mixed Sentiments Towards Crypto
The “Crypto Assets Survey 2023” conducted by the Ontario Securities Commission (OSC) reflects a mixed sentiment among Canadians regarding crypto. While there has been a decrease in the number of crypto hodlers, the average value of their holdings has risen significantly. Many respondents express regret over investing in crypto assets, but there are still a considerable number of individuals who find their portfolios profitable. It seems that crypto continues to be seen as a speculative investment rather than a long-term opportunity. These findings align with similar research conducted in France, indicating a global trend of cautious optimism towards cryptocurrencies.
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