Increase in Average Holdings, But Regrets Among Canadian Crypto Owners
In 2023, there was a slight decrease in the number of cryptocurrency owners in Canada, but their average holdings increased significantly, according to a report from the Ontario Securities Commission (OSC).
The report reveals that 77% of respondents regret investing in crypto assets. While the number of Canadians who can provide a basic definition of cryptocurrency has grown to 54%, only 34% of them believe it will play a key role in the future compared to 49% in 2022.
Despite the pessimism, 39% of respondents reported profitable crypto portfolios, slightly lower than in 2022. The average value of these portfolios rose sharply from $52,975 to $82,998.
Negative Sentiment Towards Cryptocurrency Confirmed
The negative sentiment towards cryptocurrency among Canadians is further confirmed by the “Digital Canadian Dollar Public Consultation Report.”
The public consultations on the Central Bank of Canada’s digital currency (CBDC) initiative also revealed a general negative attitude from Canadians.
While the central bank aimed to define CBDC’s place in a digitally dominated world, Canadians demanded rules requiring merchants to accept cash as payment.
Lack of Confidence in CBDC Initiative
The majority of respondents advised the Bank of Canada to halt research and focus on issuing a digital Canadian dollar. However, they believe that their feedback will not be taken into account under the CBDC initiative.
Canada Leads in Bitcoin ETFs
Canada ranks first for having seven spot Bitcoin ETFs with a total of $2 billion in assets. The data from the report highlights Canada and Europe as the main markets for spot Bitcoin ETFs, with seven in Canada and ten in Europe.
Hot Take: Mixed Sentiments Among Canadian Crypto Owners
In Canada, the number of cryptocurrency owners may have slightly decreased, but those who remain have seen significant increases in their average holdings. However, according to a report from the Ontario Securities Commission (OSC), a majority of respondents expressed regret over their crypto investments. This sentiment is further confirmed by the negative attitude revealed during public consultations on the Central Bank of Canada’s digital currency initiative. While some Canadians believe that cryptocurrency will play a key role in the future, others are skeptical and demand rules requiring cash acceptance. Despite the mixed sentiments, Canada remains a leader in Bitcoin ETFs, indicating continued interest and investment in cryptocurrencies.
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