Canadians’ Enthusiasm for Crypto Investment Declines
A recent study shows that Canadians’ interest in crypto investment has decreased compared to the previous year. They are also less likely to view crypto as a significant factor in the current economy or as important in the future.
Findings of the Study
The ownership of crypto among Canadians has dropped from 13% in 2022 to 10% in 2023. Most of these crypto owners are men aged 25-44, have an undergraduate degree or higher, and are employed full-time.
The percentage of Canadians who can provide a basic definition of crypto has increased from 51% in 2022 to 54% in 2023. However, the belief that crypto will play a key role in the future has declined from 49% in 2022 to 34% in 2023.
77% of crypto asset owners expressed regret over their purchases made more than a year ago, compared to 68% in the previous year.
In both 2023 and 2022, most people bought crypto as a speculative investment or gamble. However, the number of long-term investors has decreased from 29% in 2022 to 20% in 2023.
Crypto trading exchanges remain the most popular way for Canadians to acquire BTC and other cryptocurrencies. Other methods include decentralized exchanges, mining or staking, receiving them for free, token generation events or initial offerings, and acquiring them through friends, family, or colleagues.
Compared to the previous year, more people obtained crypto assets through decentralized exchanges or ATMs, while fewer acquired them through friends, family, or colleagues.
Majority of Canadians Not Interested in CBDC
Aside from the decline in crypto enthusiasm, Canadians also show little interest in a central bank digital currency (CBDC). A survey conducted by the Bank of Canada revealed that 85% of respondents would not use a digital Canadian dollar. Concerns over privacy violations and a preference for existing payment methods were among the reasons cited.
Hot Take: Canadians’ Crypto Enthusiasm Wanes, While CBDC Interest Remains Low
A recent study indicates that Canadians’ enthusiasm for crypto investment has diminished, with fewer people owning cryptocurrencies and believing in their future importance. Additionally, Canadians are not very interested in a central bank digital currency (CBDC), with the majority expressing opposition to the idea. This decline in crypto enthusiasm and lack of interest in CBDCs may be influenced by factors such as market conditions and concerns over privacy. It remains to be seen how these sentiments will evolve in the future and whether they will impact the adoption of cryptocurrencies and CBDCs in Canada.
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