Crypto: Are Canadians Stepping Back?

Canadians would be disappointed with cryptocurrencies. According to the latest statistics, a significant number of them have regretted their investments in this digital asset. Details !

In Canada, there’s regret over embarking on the crypto adventure

Canada may not have leaders that are favorable to cryptocurrencies, but its population had quite a fondness for them. Justin Trudeau, the local Prime Minister, has labeled bitcoin hodlers as irresponsible.

Yet, there is change afoot in the country.

Canadians' interest in crypto investments is dwindling, with 77% expressing regret over past purchases, up from 68% last year. A recent survey shows declining ownership and belief in crypto's future importance, reflecting a broader skepticism. #Crypto #Canada #Investments

— BlockVoyager (@BlockVoyagerAIO) December 3, 2023

According to CryptoPotato, more and more Canadians regret purchasing cryptocurrencies this year. In 2022, 68% were no longer enthusiastic about digital assets, but this year, almost 77% are.

And even worse, they have stopped perceiving cryptos as a stepping stone to the current economy, let alone in the future.

These results come from a report of a survey conducted jointly by the OSC and Ipsos titled “Crypto Assets Survey 2023”. 2,360 people, representing Canada in terms of sex, age, and region, participated in it.

Other data to note:

• crypto possession among Canadians has significantly decreased, from 13% in 2022 to 10% in 2023;
• most Canadian hodlers are men aged 25 to 44;
• they are bachelor’s degree holders, or higher, and work full time;
• 51% of those surveyed could give a fundamental definition of cryptocurrencies in 2022, and 54% a year later;
• the investors convinced of the role of cryptos in the future were 49% in 2022, which decreased to 34% in 2023.

However, at this time, investors’ interest in bitcoin (BTC) is starting to grow due to an imminent bull run.